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Juniper Networks Inc JNPR

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Juniper’s Investor Day Lays Out Plan to Gain Share; Our Long-Term Outlook and $22 FVE Are Unchanged

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

No-moat Juniper Networks’ 2021 analyst day showcased opportunities in the wide area network, cloud data center, and enterprise areas of networking. Juniper expects to expand the WAN, its largest market, through 400Gb routing proliferation, 5G metro network upgrades, and network automation. Cloud data center growth can come from 400Gb switching upgrades, high-end firewall security, and closed loop assurance. Continuation of improving strength in the enterprise market comes from Mist Wi-Fi 6 access points, SD-WAN, and security. Juniper expects software to be a key differentiator across its portfolio. While we suspect conservatism with its outlook, the revenue growth and margin targets for 2021 and three years out largely match our previous expectations. Juniper was upbeat about having the right portfolio and strategy to take on leading market incumbents. While we think Juniper may make some share gains in some pockets of the overall market, Cisco and Arista possess potent customer switching costs that we expect to challenge Juniper's long-term growth. We are maintaining our $22 fair value estimate and view the shares as slightly overvalued.

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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 Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 9,950