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Technology Stocks : SDLI - JDSU transition -- Ignore unavailable to you. Want to Upgrade?

To: Jack Hartmann who wrote (212)	2/16/2001 11:41:54 AM
From: bob zagorin	Respond to of 3294

CSFB maintains buy JDS Uniphase Corporation (JDSU, $45.13, BUY) Target (12 Months): $65 Decreasing Estimates In Light Of NT Pre-Announcement; Reducing Price Target In the wake of NT’s pre-announcement last night and given NT’s relative importance to JDSU, we are decreasing our F2001 sales estimate to $3.6B from $3.9B and EPS projection to $0.68 from $0.73; We are also reducing our F2002 revenue forecast to $5.4B from $6B and EPS estimate to $0.80 from $0.88. We believe that it is prudent to have more conservative estimates at this time given the deterioration in visibility in optical spending, particularly in North America; We believe that the lower visibility encountered by NT is not an isolated event and anticipate LU and ALA may also be experiencing weakness. At $45.13, JDSU shares are trading at 53.1x calendar 2002 P/E and 9.8x firm value/cal 2002 rev projections; Reducing price target to $65 from $100, which equates to 14.2x FV/2002 sales projections and 44% appreciation from current levels; Maintain BUY based upon JDSU’s long term strategic position in the optical component/module market.

To: Jack Hartmann who wrote (212)	2/16/2001 11:55:53 AM
From: pat mudge	Read Replies (1) \| Respond to of 3294

NT isn't a submarine player to my knowledge. As for submarine, there has been no slowdown there at all. They work on far different schedules. Once they commit to build a route, they proceed without stop. RHK said the numbers have actually been upgraded and my friends who attended the Pacific Telecom conference confirmed this. Pat