NEW YORK -- Wachovia Securities upgraded Juniper Networks Inc.'s (JNPR) shares to outperform from market perform, arguing that the network router maker is enjoying the "strongest momentum" during the third quarter among the telecom equipment producers Wachovia covers.
Juniper stands to benefit as telephone companies move to new technologies such as Internet-based calling and high-speed data service, Wachovia's Stephen Koffler argued Monday. The upgrade gives Juniper the same rating at Wachovia as rival Cisco Systems Inc. (CSCO).
In a separate research note, Piper Jaffray's Vikram Kaura said Tuesday that Juniper is likely to "meet or exceed" his estimates for third-quarter results, basing his conclusion on meetings with Juniper and 10 resellers. Kaura sees Juniper earning 11 cents a share on $369.6 million in sales during the September period.
"We believe that Juniper did not experience a shift in end-customer confidence to the level suggested by Cisco during its last conference call," wrote Kaura, who rates Juniper "outperform."
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