Friday, January 14, 2011

Juniper Networks (NYSE:JNPR) Product Strategy Building Momentum Says Canaccord

Juniper Networks (NYSE:JNPR) continues to be one of the "Top Picks" of Canaccord, where they see the product strategy of the company gaining momentum.

Canaccord says, "The stock remains one of our Top Picks. Indications are the company’s product strategy is building momentum. At the same time, service provider demand remains brisk, while enterprise share is growing. Coupled with elevated focus on profitability, we view Juniper as carrying additional multiple and estimate upside in 2011...Our FY11 revenue estimate of $4.84B, up from $4.78B, now includes $47M in Trapeze with an EPS estimate of $1.56 vs. our prior $1.55 ($1.54 consensus). This assumes slight H1 dilution offset in H2. Our 2012 revenue estimate stands at $5.62B, including $60M Trapeze, with an�EPS forecast of $1.91 vs. $1.77."

Canaccord Genuity reiterates a "Buy/Top Pick" on Juniper Networks, which was trading at $38.41, up $0.19, or 0.50 percent, as of 2:11 PM EST. Canaccord raised their price target on Juniper from $39 to $42.

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