I can’t speak for analysts, but here are my impressions:

Juniper's earnings were actually decent; beat on the bottom line.  However, the guidance was soft, which considering the global climate, is unfortunate but not really surprising.  Most company’s in the S&P are guiding lower.  All of the Networking companies sell plenty of gear around the globe, so they are not immune to this slow down.  It did bother me, however, to see that JNPR’s CFO is leaving, it tells me that she may have failed to set proper expectations with the street.  Remember that it is the company that massages and sets guidance, analysts to follow.

Guidance:

Q1 fiscal 2016 adjusted EPS of $0.42-$0.46 per share, revenue about $1.17 billion.

Estimates:

Q1 fiscal 2016 adjusted EPS of$0.42-$0.49 per share, revenue about $1.16B-$1.21B

The adjustment is towards the lower end of estimates, which obviously the street is not happy with.

That said, JNPR's forward PE has now contracted to 9.68, hardly expensive.  I too checked the PEs of CSCO and CIEN, and curiously they are 9.67 and 9.65 respectively.

Seems to me that investors are unduly punishing these stocks, all of which are in bear market territory.  They are at a good price now, IMO.

The underlying positive trend of increasing bandwidth demand driven by a world that will be completely interconnected has not changed, and while it does not shield companies from turbulent economic periods, it does IMO make them a buy.  The key however is picking those companies that stand to win.

Of the group, I prefer CSCO, INFN and NOK.