Lehman Brothers

,

Goldman Sachs

and

UBS Warburg

apparently believe the projections coming out of

JDS Uniphase

(JDSU)

, as the firms lowered their targets

a day after the optical components maker indicated that such a move would be the wise thing to do.

Nevertheless, shares of JDS defied the forecast and the analysts, recently gaining $1.63, or 4.2%, to $40.25 in trading on the

Nasdaq

. But that move could be attributed to the fact that

Standard & Poor's

will increase JDS Uniphase's

weighting in the S&P 500 after the close tonight, to account for the just-completed acquisition of

SDL

.

Lehman analyst Arnab Chanda cut his 2001 earnings estimate to 74 cents a share from 81 cents and the 2002 estimate to 86 cents from $1.03 "based on sharply lower visibility."

"We continue to emphasize caution given our thesis that lower visibility will be followed by pricing weakness," Chanda wrote in a report.

Goldman analyst Natarajan Subrahmanyan also lowered his 2001 earnings estimate for JDS to 74 cents a share from 82 cents, and cut his 2002 estimate to 88 cents from $1.20.

UBS cut its price target on the company to $60 from $75, thought the firm kept its buy rating on JDS.

JDS, which yesterday completed its merger with SDL, forecast third-quarter earnings of 17 cents a share, 4 cents below the

First Call/Thomson Financial

consensus estimate. The company also forecast earnings of 74 cents a share for the fiscal year ending in June, about 8 cents shy of the consensus estimate.