Juniper Networks (JNPR) PT Raised to $33 at Rosenblatt
Rosenblatt analyst Mike Genovese raised the price target on Juniper Networks (NYSE: JNPR) to $33.00 (from $32.00) while maintaining a Neutral rating.
The analyst commented, "Juniper reported strong 3Q22 results with revenues up 19% y/y and 11% q/q, and ~$60mn or 4% ahead of our forecast, although more than 100% of the upside was driven by backlog release. The company exceeded on GMs by ~50bps and EPS by a mid-teens percentage. The 4Q22 revenue guidance was strong, with 2022 growth now forecast at 12%-13%, up from 10%, driven by backlog draw down as supply becomes available. The 4Q22 GMs outlook of 57% was ~50bps below expectations. We believe the lower 4Q22 and 2023 GMs outlooks are equally driven by ongoing supply chain caution and revenue mix shift to Enterprise, which has lower margins to start but more recurring revenues over time."