UPDATE: Auriga Downgrades Juniper Networks to Hold

Auriga is out with its report today on Juniper Networks

, downgrading JNPR from Buy to Hold. In a note to clients, Auriga writes, "We downgrade Juniper Networks to Hold from Buy and also reduce our price target to $40 from $50 as we think the rising industry momentum behind OpenFlow standard in cloud/data-center could negatively impact JNPR's prospects in the switching segment. We are also expecting intensifying competition in the core routing and security segment from new players to pressure longer-term growth prospects. We expect JNPR to benefit from continued share gains in the edge routers, favorable secular trends and entry into new markets like packet-transport and mobile (EPC). But our scaled back expectations from switching, core routing and PTX lead us to reduce our CY11/12 estimates and also our five-year top-line CAGR to 16%-18% from our prior 20% estimate." Jefferies lowers its PT on JNPR from $50 to $40. Shares of JNPR closed Wednesday at $36.70, up 0.41% from Tuesday's close.