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Technology Stocks : JDS Uniphase (JDSU) -- Ignore unavailable to you. Want to Upgrade?

To: LBstocks who wrote (9720)	4/26/2000 9:30:00 AM
From: LBstocks	Read Replies (1) \| Respond to of 24042

JDS Uniphase Reiterated `Buy' at CSFB By Michael O. Donohue Princeton, New Jersey, April 26 (Bloomberg Data) -- JDS Uniphase Corp. (JDSU US) was reiterated ``buy'' by analyst James P. Parmelee at Credit Suisse First Boston Inc.

To: LBstocks who wrote (9720)	4/26/2000 9:59:00 AM
From: SJS	Respond to of 24042

CSFB comments on JDSU's earnings, ups estimates, targets ____________________________ JDS Uniphase (JDSU, $93.31, Cap $75.9B, Buy) A Familiar Refrain; Raising Estimates; Reiterate BUY FY00E: $0.39, FY01E: $0.63 ú Excluding a one-time charges and amortization exp, JDSU posted FQ3:00 EPS of $0.11, above our and the consensus projection of $0.10 and in-line with our preview; Increasing FQ4:00 EPS forecast to $0.12 from $0.11 and rev projection to $485M from $430M; Raising our 2001 EPS est to $0.63 from $0.56 and our rev forecast to $2.5B from $2.2B. ú EPS upside a function of better than expected rev of $394.6M (40% seq growth) vs our $355M forecast (26% seq growth) and $365-375M preview; Excl acquisitions, seq rev growth was 22%+ and module rev increased 24% seq (30% of sales); LU (22% total rev) and NT (16%) remained JDSU?s largest customers. ú Underlying demand continues to outpace supply; Execution in increasing output and lowering unit cost key strategic focus; JDSU targeting 4x increase in output by end of F2001 through improved manufacturing processes, increased use of automation and outsourcing, and expansion of physical capacity. ú JDSU enhancing offering in high growth (10Gbps) and developing (Raman) markets; During quarter, company received orders for 10Gbps transceivers and 10Gbps photodiode receivers and began deliveries of 10Gbps electro-aborption lasers and Raman pump sources. ú Balance sheet strong; Cash flow from operations increased to $92M from $62M in FQ2:00; Based upon our calculations, account receivables DSOs were 61 days, up slightly from 60 days in FQ2:00; Inventory turns were 3.8x, modestly down from 4.1x in FQ2:00. ú JDSU continues to outpace expectations; View JDSU shares as a core investment holding given the company?s unmatched position in optical networking; Due to 22% arbitrage spread, ETEK represents attractive method of purchasing JDSU; Price target $150 and reiterate BUY.