Needham downgraded Juniper Networks (JNPR ) to buy from strong buy.
Analyst A.A. LaFountain says the company warned of weakness across the board, attributable to additional cutbacks in customer spending as opposed to competitive shifts. He believes new product flow can generate substantial sequential improvements in 2003, but from a now-reduced base.
LaFountain cut the $0.21 2002 earnings per share estimate to $0.11, and cut the $0.42 2003 estimate to $0.39. He also cut the $19 target to $13.