UPDATE: MKM Partners Upgrades Juniper Networks Ahead of 3Q13 Earnings Report

In a report published Wednesday, MKM Partners analyst Michael Genovese upgraded the rating on

from Neutral to Buy, and raised the price target from $24.00 to $26.00. In the report, MKM Partners noted, “We are upgrading Juniper Networks to Buy from Neutral in front of 3Q13 earnings scheduled for Tuesday, October 22 after the close. The company's Service Provider (65% of revenues) results appear poised to meaningfully accelerate driven by renewed growth in the Core Router/Switch market and share gains via newer products like T4000 and PTX. We are raising our 3Q13 estimates to $1.20bn/$0.34 from our prior at-consensus $1.17bn/$0.31 numbers, with our new estimates above the high-end of guidance. The 4Q13 outlook should be solid/strong, and we are increasing our 2013 and 2014 EPS forecasts to $1.25 and $1.48, respectively, from $1.20 and $1.37. We are also increasing our 12-month price target to $26, from $24, still based on 17.5x our 2014 EPS estimate.” Juniper Networks closed on Tuesday at $20.07.