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Juniper Networks Inc JNPR

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Morningstar’s Analysis

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Record Product Orders Plus Supply Chain Constraints Paint a Mixed Q2 for Juniper; $23 FVE

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

No-moat Juniper Networks finished the second quarter with its top line exceeding our estimates and above the midpoint of management’s prior guidance. The company’s revenue grew 8% year over year, and its adjusted earnings per share clocked in at $0.43. Management cited a strong demand pipeline, with the firm witnessing record product orders during the second quarter, with strength seen across products and geographies. At the same time, however, supply chain constraints led to gross margin pressure, with supply chain challenges expected to persist through the year. With that in mind, we maintain our fair value estimate of $23. With shares trading at $26, down 5% during after-hours trading, we recommend investors wait for a greater pullback before committing new capital to the no-moat name.

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Company Profile

Business Description

Juniper Networks develops and sells switching, routing, security, related software products, and services for the networking industry. The company operates as one segment and its primary selling verticals are communication service providers, cloud, and enterprise. The California-based company was incorporated in 1996, employs over 9,000 individuals, and sells worldwide, with over half of its sales from the Americas region.

1133 Innovation Way
Sunnyvale, CA, 94089
T +1 408 745-2000
Sector Technology
Industry Communication Equipment
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 9,950