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Technology Stocks : JDS Uniphase (JDSU)
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To: Jenne who wrote (2856)12/13/1999 11:15:00 AM
From: Jack Jackson  Read Replies (1) of 24042
 
Jenne,
12/6..JP Morgans comments sent to me..I did not check my spelling...so forgive,Jack

"Target Price and Valuation
We are raising our target price for JDSU to $350, representing about 40% appreciation over current levels. Our new targe price is calculated multiplying a 30 times forward revenue multiple to our calendar 2001 revenue estimate of about $2.2 billion. JDSU is currently trading at 31 times our calendar 2000 revenue estimate of $1.46 billion. We are not concerned about these multiples as we believe that the company has a significant opportunity to surpass our estimates. In fact, our new financial projections do not include revenue from the recently announced OCLI and SIFAM acquisitions, nor does it take into account any other cacquisitions that JDS Uniphase may make over the coming 12 months. Our revenue growth estimates for calendar 2000 and 2001 represent 73% and 49% annual growth rates. Given the current and expected demand scenario and the fact that barriers to entry in this market are very high, we expect JDS Uniphase to meet or likely exceed our current earnings estimates.
Our new EPS estimates are mainly to adjust for the closing of theEpitaxx acquisition, which adds about $0.03 to our EPS estimate in fiscal 2000 and about$0.10 in fiscal 2001. These, too, could prove conservative. Our new EPS estimates represent 80% and 43% annual growth rates."
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