UPDATE: Nomura Reiterates Neutral Rating, Raises PT on Juniper Networks Following Solid Q2 Results

In a report published Wednesday, Nomura analyst Stuart Jeffrey reiterated a Neutral rating on Juniper Networks JNPR, and raised the price target from $18.00 to $21.00. In the report, Nomura noted, “Juniper beat revenues by 6% and EPS by 19% driven by strength in service provider and enterprise. Business momentum appears to be improving for Juniper, as evidenced by the 14% revenue growth in routing and switching. The strong deferred revenue and order bookings in the quarter imply the momentum should carry into the H2. Management is investing back into the company after targeting $150mn in cost cuts in 2013. Despite the positives in Q2, we retain our Neutral rating on the shares. We believe much of the positive momentum is baked into estimates. We are raising our target price to $21 from $18 due to an increase in market multiples. We expect the shares to be range-bound over the near term.” Juniper Networks closed on Tuesday at $21.34.