UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Juniper Networks on In-Line Results

In a report published Wednesday, BMO Capital Markets analyst Tim Long reiterated a Market Perform rating on Juniper Networks

, but lowered the price target from $19.00 to $16.00. In the report, Long noted, “Juniper reported results that were basically in line with our model, but guidance was at least a little light for the eighth consecutive quarter. Service Provider was solid, but the Enterprise was weak once again. Routing revenues have stabilized, but we still do not see share gains. We see product issues in Security and believe that Switching has started to peak. Also tonight, AT&T reported weaker capex in Q1. Although the carrier maintained 2013 capex at $21B, we wouldn't be surprised if it was lower. AT&T also lowered 2014 and 2015 capex by $2B per year to $20 billion.” Juniper Networks closed on Tuesday at $17.36.