Needham downgraded shares of Juniper Networks (JNPR ) to buy from strong buy.
Analyst Tad LaFountain notes since he upgraded the provider of Internet infrastructure-related products and solutions on July 9 at $26.65, his estimates have been reduced, and his $36 target was lowered to $28. He says over that same period, the share price has dropped as low as $8.90, but now has more than tripled from its low. He adds with diminished potential gain to his target, he finds it necessary to lower his rating to buy. The analyst maintains his $0.54 2001 EPS estimate, and $0.63 2002 estimate.