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    Tech Stock on the Move; JDS Uniphase Earnings Review

    Tech Stock on the Move; JDS Uniphase Earnings Review

    RBC Capital yesterday raised its price target on JDS Uniphase Corp. (NASDAQ: JDSU) stock from $16 to $18.

    JDS Uniphase, which provides communications test and measurement solutions and optical products for telecommunications service providers, wireless operators, cable operators and network equipment manufacturers, earlier this month released its fourth-quarter financial results.

    JDS Uniphase reported fourth-quarter net revenue of $471.8 million, compared with $454 million reported in the previous quarter. For the same period in the previous year, the company’s net revenue was $390.9 million. For fiscal year 2011, JDS Uniphase reported net revenue of $1.80 billion, representing an increase of 32.3% over fiscal year 2010.

    The company’s net income for the fourth quarter of fiscal 2011 was $9.3 million or $0.04 per share, compared with $38.6 million or $0.16 per share reported in the previous quarter and $1.5 million, or $0.01 per share, reported for the same period in the previous year.

    For fiscal year 2011 the company reported net income of $71.6 million, or $0.31 per share, compared with net loss of $61.8 million, or $(0.28) per share, reported in fiscal 2010.

    Tom Waechter, president and CEO of JDS Uniphase, said earlier this month that currently the company is seeing macro-economic challenges and inventory corrections that it believes will be short-term in nature as the end market drivers remain strong.

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