UPDATE: Cantor Fitzgerald Initiates Coverage on Juniper Networks on Strong Growth Projection

In a report published Friday, Cantor Fitzgerald analyst Brian J. White initiated coverage on

with a Buy rating and $26.00 price target. In the report, Cantor Fitzgerald noted, “We are initiating coverage of Juniper Networks with a BUY rating and 12-month price target of $26.00. Juniper is recognized by IDC as the #2 router vendor in the world and has been ramping up its Ethernet switch business over the past five years. After experiencing declining EPS in both 2011 and 2012, we are projecting strong growth in 2013 due to an improved cost structure, the benefit of new product ramps and a more constructive carrier spending environment. We believe the stock is attractive at a CY14 P/E (ex-cash) of just over 11x.” Juniper Networks closed on Thursday at $21.42.