Monday, March 14, 2011

Citigroup (C) Says Buy JDS Uniphase (JDSU)

After taking a beating last week, performing among the worst of the stocks listed on the S&P 500, JDS Uniphase (NASDAQ:JDSU) is slowly moving back into favor, getting an upgrade from Evercore recently, and today getting a boost from Citigroup (NYSE:C), which says it's time to buy the company.

Citigroup analyst Kevin Dennean wrote in a note, “Following a nearly 25% pullback in JDSU shares post-Analyst Day, we upgrade shares back to Buy as we believe the company’s positioning, management execution and market opportunity remain sound, while valuation is much less demanding.”

The giant bank also moved the company from “hold/high risk" to “buy/high risk," along with its "Buy" rating. Last week Evercore increased its rating on JDS Uniphase to "Overweight."

JDS Uniphase was trading at $21.59, up $0.33, or 1.55 percent, as of 2:33 PM EDT.

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