UPDATE: FBN Securities Reiterates Sector Perform Rating, Raises PT on Juniper Networks

In a report published Friday, FBN Securities reiterated its Sector Perform rating on Juniper Networks

, and raised its price target from $18.00 to $22.00. FBN Securities noted, “We retain our Sector Perform rating on JNPR and raise our PT from $18 to $22. The report was mixed. Routers turned around but switches weakened (while security stayed weak). Service provider sales improved (particularly in the US), but US enterprise weakened (particularly in Federal). Europe was weak, Asia weakened, but Americas improved. Ending product backlog of $410M grew 37% Y/Y and book-to-bill > 1 are evidence of improved visibility.” Juniper Networks closed on Thursday at $21.50.