Elliott urges Juniper to buy back shares, cut costs

Mon Jan 13, 2014 9:17am EST

Jan 13 (Reuters) - Juniper Networks Inc shareholder Elliott Management Corp urged the network equipment maker to buy back shares, streamline its product line and cut costs to boost shareholder value.

Elliott, which owns 6.2 percent of Juniper, said the company should repurchase $3.5 billion of shares.

"We believe these value initiatives can collectively result in a stock price of $35-$40 per share," Elliott said in a statement. (link.reuters.com/puc95v)

Juniper shares rose about 6 percent to $24.94 in premarket trading on Monday. (Reporting by Neha Alawadhi in Bangalore; Editing by Saumyadeb Chakrabarty)