Juniper earnings estimates cut on lower capex outlook - JP Morgan
AFX News Asia, 3/18/2002 12:28:00 PM
SAN FRANCISCO, Mar 18, 2002 (AFX-Asia via COMTEX) -- Juniper Networks earnings estimates were lowered by JP Morgan analyst Jeff Lipton, who expects a capital spending rebound will be unlikely until the second half of 2002.
Juniper's first-quarter estimated earnings per share were lowered to 1 cent from 3 cents by Lipton, on sales cut to 120.0 mln usd from 151.0 mln.
Lipton also cut the company's full-year 2002 EPS estimate to 8 cents from 18, and also reduced sales forecast to 505.0 mln usd from 662.0 mln.
He also lowered Juniper's full-year 2003 estimated EPS to 24 cents from 33 cents and cut sales estimate to 648.0 mln usd from 895.0 mln.
Lipton, however, reiterated the company's 'Market Performer' rating.
"We still assume Juniper grows year-over-year in 2003 as the router segment remains relatively strong," said Lipton.
"Also, Juniper has been able to maintain positive earnings per share and high gross margins (sixty per cent) in the face of rapidly declining sales," Lipton added.
At 12.19 pm in New York, Juniper was down 0.01 usd at 11.41, while the Nasdaq composite was down 0.07 at 1,868.23 points.
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