UPDATE: Barclays Upgrades Juniper Networks

In a report published Friday, Barclays analyst Ben Reitzes upgraded Juniper Networks (NYSE: JNPR) to Overweight from Equal-weight, raising its price target to $34.00.

According to the report, the upgrade is based on an EV to 2015 sales multiple of 2.7x, in line with its large cap tech peers. Even though shares are up 15 percent YTD, the analysts believe it is still "early" in the turnaround process.

“Our upgrade is based on potential catalysts and observations: 1) the core business is turning - and Juniper's outlook for the March quarter seems to have meaningful upside; 2) within the next month, new CEO Shaygan Kheradpir will lay out his new Internal Operating Plan (IOP), which should include plans to cut costs, buy back stock, and conduct a strategic review of the portfolio of businesses; and 3) we believe that changes to Juniper's Board should be evident by the end of February, holding current management accountable and making the turnaround more likely to occur,” the report noted.

JNPR closed Friday at $26.01.