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      "text": "We believe a $3 billion stock repurchase program could be 15-20% accretive to EPS",
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      "text": "A series of 9 bullet points containing analyst quotes from Cantor Fitzgerald, Credit Suisse, RBC, Citi, and Goldman Sachs regarding Juniper's capital allocation.",
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      "text": "\"Despite Juniper's strong fundamental performance this year that has driven the Street's EPS estimates higher versus a year ago, Juniper's stock (up 10% YTD) has underperformed relative to the S&P 500 Index (up 26%) in 2013. As such, we discussed the opportunity for an accelerated stock repurchase program with Juniper. ... We believe a $3 billion stock repurchase program could be 15-20% accretive to EPS\" — Cantor Fitzgerald (12/11/13); \"With respect to uses of cash, is there an argument for giving a committed level of cash return to shareholders out of free cash flow, given the healthy cash balance you have, given that it feels like cash flow, as a trend, should be rising going forward?\" — Credit Suisse, CS Tech Conference (12/4/13); \"Over the past three years, free cash flow generation at Juniper has averaged over $550 million per year. Further, the company has a relatively strong balance sheet with $2.8 billion of net cash at the end of the June quarter or 26% of the current market cap. ... we believe Juniper could and should institute a more formal capital return strategy\" — Credit Suisse (9/18/13); \"We believe there is scope for increased cash distribution\" — Credit Suisse (9/18/13); \"Healthy cash flow, no dividend. A quarterly dividend of $0.08/share would be very reasonable (potential yield 1.6%), but nothing's planned as yet\" — RBC (8/12/13); \"Juniper is a member of a club that most investors would like to see it resign from: Out of the 35 largest Hardware & Equip companies globally, JNPR is one of only four that is not expected to pay a dividend over the NTM. We believe it is time for JNPR to quit this club. ... we think a dividend would be viewed as a much-needed sign of mgmt's longer-term confidence. ... The knock-on positive effect of paying a dividend is bringing a whole new class of shareholders into the ownership base\" — Citi (6/7/13); \"We think it is time that Juniper quits the non-dividend payers and joins the overwhelming majority of global peers that directly return cash to shareholders\" — Citi (6/7/13); \"Risks to our Sell rating include a stronger carrier spending environment, improved competitive positioning, or a more aggressive capital allocation strategy, including the introduction of a dividend or a large buyback\" — Goldman Sachs (4/24/13); \"What would make us more positive? More aggressive capital allocation and/or activist shareholder involvement. Juniper's strong balance sheet ... and cash flow generation (estimated 7% FCF yield in CY13) make it a strong candidate for a significant buy-back or initiation of a dividend\" — Goldman Sachs (3/19/13); \"Juniper's share repurchases are typically used to offset stock option dilution resulting from the company's employee stock plans rather than being opportunistic buybacks based on price\" — Goldman Sachs (6/13/12)",
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