Updated from 8:34 a.m. EDT
was up 6.5% in early trading after recovering from a dip preopen. Credit Suisse First Boston upgraded the fiber optic network equipment maker to buy from hold.
CSFB said it expects JDS Uniphase to survive the current downturn, based on its substantial cash position and negligible debt. While it sees no near-term catalyst for JDS Uniphase's business, CSFB expects the stock to begin to recover ahead of business, and investors could risk missing the first 50% to 100% jump.
CSFB said the stock could stay at current levels for as long as 12 to 18 months. It set a price target of $9.