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Juniper: Oppenheimer Cuts Rating

Oppenheimer analyst Ittai Kidron this morning lowered his rating on Juniper Networks (JNPR) to Perform from Outperform, asserting that the risk/reward profile on the networking equipment vendor’s shares are no longer compelling.

“To be clear,” he writes in a research note, “our long-term thesis on Juniper hasn’t changed, and we believe it’s well positioned for long-term growth. We also firmly believe in Juniper’s enterprise growth story and anticipate ongoing traction. But given the shares’ recent rally and the lumpiness in its carrier business, we feel Juniper is a bet investors don’t need to take into earnings.”

Kidron adds that key customer AT&T (T) “has been an unstable source of revenue, and volatility in the timing of carrier spending makes us less confident near term.”

His advice: “step to the sidelines until visibility improves and revisit the shares at more attractive levels.”
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