JDS Uniphase Soars On Piper Upgrade

JDS Uniphase Corp. (JDSU) shares jumped as much as 6.50 percent in early Monday trading, to $14.39, its highest intraday pps since April ’08. Piper Jaffray analyst Troy Jensen raised his rating on the biggest network-analysis company to ‘overweight’ from ‘neutral’.

Barron’s: “We continue to believe the optical space has shifted from a cyclical industry to a secular growth market and believe JDSU will benefit given the attractive growth expected for this space,” Jensen wrote in a research note to investors.

Jensen also lifted his price target on the co.’s stock to $17 a share from $13.

JDS Uniphase is currently trading above its 50-day MA of $11.99 and above its 200-day MA of $11.57. Shares are seeing huge volume; less than 3 hrs into the session JDSU has already traded 4.9 million shares, well above the daily average volume of 4.7 million shares.

At last check, JDS Uniphase Corp. was up 85 cents, or 6.30%, to $14.27.

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About Ron Haruni 1067 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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