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CS First Boston Keeps Buy on JDS Uniphase

CS First Boston reiterated its buy rating on JDS Uniphase (JDSU).

Analyst James Parmelee says results are in line with his expectations, and long-term fundamentals remain intact. He says he is "fine-tuning" Q3 2001 revenues to reflect customer inventory adjustments and uncertain near-term capital spending plans. JDS lowered its fiscal 2002 (June) sales from $6.15B billion to $5.7 billion. Parmelee thinks the company's revised EPS guidance removes an overhang on the stock price.

The upcoming merger with SDL Inc. (SLDI) in February will serve as additional catalyst, Parmelee says. He sees $0.82 fiscal 2001 EPS, and $1.10 fiscal 2002 EPS.

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