UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Juniper Networks

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on Juniper Networks (NYSE: JNPR), and raised its price target from $15.50 to $18.50.J.P. Morgan noted, “Juniper's Q3'12 outlook is weaker than we had initially anticipated, but we don't think this is too surprising given the challenging macro conditions and Juniper's routing product gap. We like that management is taking a more proactive approach to delivering operating leverage with its $150M OpEx reduction target in 2013. We also like that the company will be more aggressive with share repurchases. However, we remain concerned with limited new product revenue contributions and wait for more evidence of better T4000 and overall routing demand materializing. We also see execution risks ahead as Juniper looks to deliver on other new products like Qfabric and cost reduction initiatives. Maintain Neutral.”Juniper Networks closed on Friday at $18.71.