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Out of the Gate: Shares of JDS Uniphase drop after guidance

By Associated Press
May 1, 2008 | Comments (0)

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Shares of JDS Uniphase Corp. plunged Thursday morning after the communications equipment provider said it expected fiscal fourth-quarter sales below Wall Street estimates and an analyst lowered his rating.

The stock shed $2.02, or 14.1 percent, to $12.29 after the opening bell. Before Thursday, shares have fallen in four of the last trading sessions, a total of 4 percent.

Roth Capital Partners analyst Dave Kang downgraded the Milpitas, Calif., company to "Hold" from "Buy" and cut his price target to $15.60 from $18.

The new target implies he expects the stock to rise about 9 percent over Wednesday's $14.31 close.

JDS Uniphase is being hurt by the weak economy and the January acquisition of Westover Scientific Inc.'s fiber test division, which will likely drain results, he said.

Oppenheimer & Co. analyst Sam Dubinsky said he will refrain from buying the stock for the time being, and kept a "Perform" rating.

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