UPDATE: Jefferies Color On JNPR Target Decrease

Jefferies, which lowered its PT on shares of Juniper Networks, Inc. (NYSE: JNPR), is providing some color on the stock.

“We're still a big fan of the stock as we expect the organization will continue to execute well on its new product strategy longer term,” Jefferies writes. “Further, we believe that Street expectations imply only modest success with new products next year. We think the recent sell-off has provided a nice entry point to pick up some shares at a discounted valuation.”

Juniper Networks closed Tuesday at $38.47.