Juniper Takes a Deep Breath

Like its namesake Jennifer, Juniper Networks (Nasdaq: JNPR) is at rest, and still looking darn good. This National Poetry Month thing works out sometimes, doesn't it?

Last night's earnings report showed some decent growth, and good prospects of more of the same, as Juniper strives to keep up with market leader Cisco (Nasdaq: CSCO) in supplying the infrastructure of the world's voice and computer networks. But it was also remarkably placid in tone.

CEO Scott Kriens noted that the results were "in line with our expectations," pointed to "solid opportunity" moving forward, and promised to "remain focused" on customer needs and sharper execution. Nothing exciting, nothing fancy. It's a refreshing lack of hype in a sector where management often talks about "breakthroughs," "explosive growth," or "record revenues."

Juniper has positive cash flows, despite a string of GAAP net losses, and the stock looks rather affordable on a discounted cash flow basis, compared to peers like Cisco or Nortel Networks (NYSE: NT). The market doesn't seem to appreciate management's understated confidence, and the share price has dropped a bit on the latest earnings news. Is this a buying opportunity? Maybe -- but do your own homework before committing your hard-earned cash. That's the Foolish Way.