MKM Partners Q2 Preview on Juniper Networks (JNPR): Possible Second Half Ramp, But Restrained Vs. Consensus

July 23, 2012 1:23 PM EDT
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Price: $27.87 --0%

Rating Summary:
    17 Buy, 31 Hold, 2 Sell

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MKM Partners maintains a 'Neutral' on Juniper Networks (NYSE: JNPR) price target of $16.00 (from $19.00).

Analyst, Michael Genovese, said, "We expect Juniper to report solid 2Q12 results near the mid-point of guidance and consensus (MKM=$1.043bn/$0.16, Consensus = $1.048bn/$0.16). The 3Q12 revenue guide should be up (we model up 3% q/q) but by less than the 6% forecast by consensus."

Overall, Genovese expects Juniper's customers to spend more in the 2H vs. 1H, but still see the ramp restrained. Channel checks indicate Verizon (NYSE: VZ) was a solid customer, but AT&T (NYSE: T) reduced core spending. All in, he sees second half (2012) revenues up 7.7% (vs. first half), but this figure is below the 11.3% consensus estimate.

FY12 EPS estimate cut from $0.82 to $0.77 and FY13 from $1.18 to $1.08.

For an analyst ratings summary and ratings history on Juniper Networks click here. For more ratings news on Juniper Networks click here.

Shares of Juniper Networks closed at $15.65 yesterday.

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