W.R. Hambrecht

said this morning it believes fiber-optic equipment maker

JDS Uniphase


will meet and likely exceed its second-quarter estimates, but the firm forecast moderating sequential growth, in part because of pricing pressures in the passive components industry.

Analyst Jim Liang expects second-quarter earnings of 19 cents a share, compared with 9 cents a share a year ago, and revenue of $920 million, up from $281.7 million in the year-ago period. He has a 12-month price target of $120 and maintained his buy recommendation on the stock, saying he believes its valuation "represents an attractive entry point for long-term oriented investors."

Citing the "issues" faced by networking giants




Nortel Networks

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, which today reportedly started a round of

job cuts affecting about 6% of its work force, Liang said he expects JDS's second-quarter revenue growth to be lower than the 23% sequential growth achieved in the company's first quarter, followed by a sequential decline in revenue growth for the third quarter.

Liang also issued a similar report on



today, saying he expects the broadband heavyweight to "meet and likely exceed" his fourth-quarter estimates, with growth in the following quarters slowing.

Liang expects the Irvine, Calif., company to post fourth-quarter earnings of 32 cents a share, up from 16 cents a share a year ago, with revenue of $366 million, up from $160.8 million last year.

He believes the company's 2001 first-quarter revenue growth will be lower than its fourth quarter, citing the effects of an "inventory correction in the pure-play communications chips space."

Shares of JDS recently climbed $1, or 2.1%, to $47.63 in trading on the


. Broadcom is due to report its fourth-quarter results after the bell on Jan. 23. The company's shares were recently higher by $5.94, or 5.4%, to $115.88.