Juniper Networks, Inc. (NASDAQ:JNPR) is set to report earnings atfer the close.  First Call estimates on last look were $0.20 EPS and $649.6 million in revenues.  Over the last four earnings reports, Juniper has not made any upside surprise to EPS estimates.  That makes it hard to get to excited with shares up almost 100% from its 52-week lows.  The good news is that it makes for a contrarian’s dream.  If the company offers formal guidance, the current estimates are for $0.21 EPS and $677.4 million.

The stock is actually trading above the average price target now that shares have run so much since March, so analysts will either need to hike their official price targets or make some ‘downgrades based on valuation.’  Options traders are not weighing very heavily on today’s earnings and the pricing for today’s contracts (that expire Friday) looks to be pricing in less than a 1.5% move either way.

Juniper’s market cap after the last run up has now gotten back to $15 Billion.  Shares trade at 32.8-times 2007 EPS estimates and trade at 5.55-times 2007 revenue estimates.

Jon C. Ogg
July 18, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.