Nomura analyst Jeffrey Kvaal said Juniper's QFX switch sales are broadening beyond to multiple webscale players and even traditional enterprise cloud accounts with success in cloud enterprise and even traditional enterprise accounts. The growth, however, is coming at the expense of margins and the EX switching family, the analyst wrote. Kvaal said security is close to a bottom after years of declines, thanks to new SRX products launched last fall, and expects a return to slight growth in Q4. The analyst maintains his above consensus estimates and reiterates his Buy rating and $33 price target.