UPDATE: Jefferies Lowering Price Target on Juniper

Jefferies & Co. is out with a research report on Juniper, Inc. (NASDAQ: JNPR) and it is lowering its price target to $27.50 from $34, but is reiterating its Buy rating on shares.

In a note to clients, Jefferies & Co. writes, "Q3 sales totalled $1.106 billion (-1% Q/Q, +9% Y/Y), slightly outpacing our $1.093 billion estimate (Street = $1.10 billion). Service provider segment revenue was down -6% Q/Q on weaker capex spending. The Enterprise segment was up 8% Q/Q, despite cautious Financial Services and Public Sector verticals. Pro forma EPS of $0.28 met ours and the Street's expectation (EPS excludes $0.11 in stock compensation expense). Gross Margins and Operating Margins were roughly in-line with guidance."

Shares of JNPR closed at $21.41 yesterday.