CSFB Cuts 2001, 2002 Targets For JDS Uniphase
Credit Suisse First Boston
lowered its 2001 and 2002 forecasts for
JDS Uniphase
(JDSU)
Friday, a day after a stern
warning from
Nortel
(NT)
TheStreet Recommends
rocked the tech sector. CSFB cut its 2001 earnings-per-share estimate to 68 cents from 73 cents, and its 2001 sales estimate to $3.6 billion from $3.9 billion. Going forward, CSFB cut its 2002 earnings per share forecast to 80 cents from 88 cents and its 2002 revenue call to $5.4 billion from $6 billion.
"We believe it is prudent to have more conservative estimates at this time given the deterioration in visibility in optical spending, particularly in North America," the company wrote in a memo to investors this morning. "We believe the lowered visibility encountered by Nortel is not an isolated event and anticipate that
Lucent
(LU)
and
Alcatel
(ALA)
may also be experiencing weakness."
