UBS Reiterates Buy on Juniper Networks (JNPR) Following 3Q Results
UBS reiterated a Buy rating on Juniper Networks (NYSE: JNPR), and raised the price target to $33.00 (from $32.00), following the company's 3Q earnings results. Juniper reported 3Q revenue of $1.25bn, driven by better than expected performance in switching and security products.
Analyst Steven Milunovich commented, "Juniper reported 3Q revenue of $1.25bn vs our estimate at $1.23bn, driven by better than expected performance in switching and security products. The company guided Dec quarter sales to $1.29bn, ahead of our estimate of $1.25bn. The gross margin is trending in-line with our expectation, and management appears to be focused on reining in operating expenses. We are now looking for F15E EPS of $2.01, up from $1.93. Overall, Juniper has had a number of new product introductions across its routing and switching portfolios that should help sales performance going into 2016."
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Shares of Juniper Networks closed at $29.76 yesterday.