CS First Boston cut the estimates and price target on JDS Uniphase (JDSU).
Analyst James Parmelee says he cut the $3.36 billion fiscal 2001 (June) revenue estimate to $3.51 billion, cut the $0.62 fiscal 2001 EPS estimate to $0.57, slashed the $5.1 billion fiscal 2002 revenue estimate to $3.6 billion and the $0.73 fiscal 2001 EPS estimate to $0.49.
He also trimmed the $50 target to $35.
Parmelee says his newly reduced estimates reflect Nortel Network's Q1 pre-announcement, and the industry environment that characterized the recent industry trade show. He notes his analysis indicates that the June quarter will prove to be JDS's most challenging, and that gradual recovery will begin during the second half of calendar 2001. Parmelee maintains his buy rating, citing the company's long-term strategic position in the optical component/module market.