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  "documentTitle": "Juniper Networks (JNPR)",
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  "authorName": "Elliott Management",
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  "presentationDate": "2014-01-13 00:00:00",
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  "notes": "Includes a sensitivity table mapping 2014E Run-Rate Opex Decrease against 2015E P/E multiples to show stock price appreciation.",
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      "text": "Implies a stock price of ~$28-$32",
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      "text": "We believe a $200M reduction in operating expenses would drive potential stock prices of ~$28-$32 (up 24-41%) and should be embraced by management and the board as a prudent and value-maximizing step for the Company",
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      "text": "Enhanced free cash flow from a streamlined cost base would provide Juniper additional flexibility to be more aggressive with capital return",
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      "text": "Numerous industry experts have confirmed that a prudent $200M operating expense reduction is highly achievable",
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      "text": "As the previous pages demonstrate, investors and Street analysts have repeatedly expressed their frustration with Juniper's excessive spending... Reducing R&D spend as a % of revenue to peer average levels would save Juniper ~$420M of annual operating expense",
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      "text": "Realization of a clearly articulated and meaningful cost savings plan can restore confidence in Juniper... The plan will need to be clearly messaged to the Street with a high level of detail and management's clear commitment",
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      "text": "Juniper's historical efforts to spend massive sums to enter the security market (NetScreen acquisition) and upgrade data center switching (QFabric development) are widely regarded as failing",
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      "text": "operating expense reduction: $200M",
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      "text": "We believe a $200M reduction in operating expenses would drive potential stock prices of ~$28-$32 (up 24-41%) and should be embraced by management and the board as a prudent and value-maximizing step for the Company",
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      "text": "Juniper should reduce operating expenses by $200M in 2014 by pursuing highly achievable operational efficiencies, focusing its R&D budget on its main business and eliminating lower risk-adjusted ROI projects",
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      "text": "Source: Elliott estimates. Based on Bloomberg, company filings, Capital IQ, and Wall Street research. Analysis as of 1/9/14.",
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      "text": "Value Creation Initiative #1: Cost Realignment Plan",
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