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To: The Freep who wrote (71187)	4/11/2003 9:38:15 AM
From: Paul Shread	Read Replies (1) \| Respond to of 209892

JNPR more important than GE missing on revs? Must be 1999! Party on, dudes! edit... 09:33 ET Juniper Networks: Merrill maintains Sell rating (JNPR) 9.10 +0.69: -- Update -- Merrill Lynch maintains their Sell rating on JNPR despite better than expected earnings, citing: 1) book to bill was again greater than 1 but has not translated into rev growth, 2) the US mkt keeps shrinking, 3) accounts receivable grew 14% in past 2 qtrs vs 3% rev growth, 4) believes that demand for high-end core routers will remain weak, 5) believes edge routing rev will weaken, and most importantly 6) valuation, as stock trades at 4.3x their 2004 rev est and 87x P/E. Firm thinks any hiccup in the biz could bring down the shares to fair value of $6. (On the other hand, Deutsche Securities and WR Hambrecht both upgraded the stock to Hold this morning.)