Juniper Networks (JNPR) Management Meeting Reinforces Beliefs - Raymond James
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Raymond James analyst Simon Leopold reiterated an Outperform rating on Juniper Networks (NYSE: JNPR) after hosting an investor meeting and call with CFO Ken Miller, and CEO Rami Rahim.
The analyst stated "The Cloud and 400G received much of the attention. Juniper expects its Cloud vertical grows low to mid single-digits in 2020, but anticipates lumpy quarters. Cloud was up 18% y/y in 4Q19, and while management expects good growth in 1Q20, we doubt it expects to repeat 4Q's level. Despite the later 400G expectations disclosed on the last call, Juniper sees its business still primarily linked to routing and data center interconnections; with essentially no hyper-scale intra-data center exposure". He went on to say "Although we were disappointed on its last earnings call when Juniper announced that the 400G cycle has likely slipped into late 2020/early 2021, this is only modestly different vs the initial ~2H20 expectations. Given that we have always considered its 400G play a call option, the push-out was not particularly material to our model, and we remain hopeful that dry powder can lead to upside".
Shares of Juniper Networks closed at $23.76 yesterday.
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