Shares of JDS Uniphase (JDSU) are down 88 cents, or 7%, at $12.26 this morning despite the company last night beating Q2 estimates and offering an in-line view for Q3′s results.

The stock got one downgrade this morning, from UBS’s Nikos Theodosopoulos, who cut his rating on the shares to Neutral from Buy, though he raised his price target to $14.50 from $13.

An area of weakness was pricing on optical component orders, he notes, as expressed in the Q3 profit outlook:

Optical component contract negotiations were particularly intense for 3Q with a ~6% quarter-over-quarter ASP decline expected (avg~2-4%). 3Q operating margin was guided to 6-7.5% vs. our/ Street estimates of ~10%. Lower revs + higher opex in CommTest also weigh on outlook.

Theodosopoulos says he has a hard time giving the stock more than a 15 times multiple, which at 15 times the calendar 2013 estimate for 96 cents, is $14.50.