Juniper Networks (JNPR) has been downgraded to underperform from neutral by Merrill Lynch. The financial concern noted that the vendor is “currently benefiting from product introductions and large deployment contracts with the likes of Verizon and AT&T,” said that could subside soon and noted that spending with Juniper competitors Ciena and Cisco has slowed.
Juniper, whose NASDAQ stock was trading this morning at $24.23, this summer reported net revenues for the second quarter of 2008 rose 32 percent on a year-over-year basis to $879 million. The Company posted GAAP net income of $120.4 million, and non-GAAP net income of $156.6 million.
At the time, Juniper’s chairman and CEO was quoted as such: "We're very pleased with the solid results we have delivered for the first half of 2008. This is a testament to the strength of our product cycles, the power of our portfolio strategy and the expanded opportunities made possible by the early success of the EX-series, which together serve to underscore our improved outlook for the second half of the year."
