Nomura’s Jeffrey Kvaal believes Juniper Networks, Inc. JNPR's “new QFX family of data center switches is set to grow rapidly in 2017.”
Kvaal upgraded the rating on the company from Neutral to Buy, while raising the price target from $24 to $33.
Switching Momentum
The analyst explained that the upgrade was based on the growing strength of the company’s switching business.
“We believe Juniper's total switching unit can grow upwards of 12 percent in 2017,” Kvaal mentioned, while explaining that the growth would be twice the consensus expectations.
The EPS estimates for FY 2016 and 2017 have been raised from $2.07 to $2.08 and from $2.21 to $2.36, respectively.
At last check in Thursday's pre-market session, shares of Juniper were up 1.8 percent at $28.25.
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