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Technology Stocks : JDS Uniphase (JDSU)
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To: sam who wrote (13594)10/27/2000 2:03:35 PM
From: pat mudge  Read Replies (1) of 24042
 
CSFB morning notes:

>>>
JDS Uniphase Corporation (JDSU, $74.44, BUY) Target (12 Months): $150
James P. Parmelee 1 212 325 6191 james.parmelee@csfb.com
Another Impressive Quarter; Raising Estimates; Reiterate Buy.

Excl one-time charges and amortization exp, JDSU posted FQ1:01 EPS of $0.18, above our $0.16 est and our previewed $0.17; Raising F2001 EPS est to $0.80 from $0.69 and rev est to $3.9B from $3.5B and F2002 EPS forecast to $1.10 from $1.00 and rev projection to $6.15B from $5.75B.
JDSU EPS upside driven by strong 22.7% seq top-line growth to $786M vs our $750M forecast (previewed $770M); Sales strong across both active and passive components though WDM and 10Gbps products (incl modulators and APD receivers) particularly robust; LU, NT, and ALA were 10%+ customers (vs LU and NT in FQ4:00); Book to bill > 1.

JDSU on track for goal of 4x capacity increase over 18 mo period via improved mfg processes, increased automation and outsourcing, and expansion of physical capacity; As anticipated, yields on thin film filters dramatically improved; New Shenzhen facility (350Ksq ft) slated for vol production by year end 2000 (slightly ahead of plan).
Balance sheet strong; Accounts receivables DSOs increased seq to 58 days from 54 days and inventory turns improved to 3.9x from 3.4x in FQ4:00.
JDSU continues to outpace expectations; View JDSU shares as a core investment holding given the company’s unmatched position in optical networking; Due to 17.6% arbitrage spread, SDLI represents attractive method of purchasing JDSU; Reiterate BUY.
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