Credit Suisse Reviews Juniper's Earnings

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In a report published Friday, Credit Suisse analysts maintained a Neutral rating on
Juniper Networks, Inc.JNPR
, while raising the price target from $23 to $26, after the company reported its F1Q15 results. Juniper reported its 1Q revenue and EPS at $1.07bn and $0.32, beating consensus of $1.04bn and $0.31, respectively. The company guided to F2Q15 revenue and EPS of $1.09-$1.12bn and $0.38-$0.42, marginally ahead of expectations. Routing revenues in the quarter came in at $505mn, representing an 8.2 percent y/y decline and a 3 percent q/q decline. "While they are still in decline, mgmt commentary continues to suggest a recovery and spending is expected to resume in 2H15, after a typical four quarter lull. We see a near term trade as visibility around reaccelerating sales growth emerges, driven by SP cycle recovery, cable, and switching traction," the analysts said. "As sales growth resumes, we believe OM leverage is likely to come through. We see continued upward bias to OM," the analysts added. The EPS estimates for FY15 and FY16 EPS have been raised from $1.71 to $1.75 and from $1.93 to $2.07, respectively.
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Posted In: Analyst ColorPrice TargetReiterationAnalyst RatingsCredit Suisse
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