UPDATE: Bank of America Merrill Lynch Lowers PO on Juniper Networks to $42

Bank of America Merrill Lynch is out with its report today on Juniper Networks

, lowering its PO from $48 to $42. In a note to clients, Bank of America Merrill Lynch writes, "We believe management will eliminate the 20% growth target for 2011, but also think this is already priced in and well expected by investors. With the stock down 32% from its 3/8/11 peak, we think long term investors should buy the stock on the current weakness and highlight solid long term potential, strong carrier trends, new product launches that grow the TAM, potential for share gains driven by technology excellence, and a new scenario model suggests the stock is attractive even on a negative scenario. We reduce our PO from $48 to $42 to reflect the sector's multiple contraction." Shares of JNPR closed Thursday at $30.27, up 2.51% from Wednesday's close.