Deutsche Bank analyst Vijay Bhagavath upgraded Juniper Networks (JNPR) to Buy from Hold and raised his price target for the shares to $32 from $25. The stock closed Friday down 7%, or $2.08, to $26.18.

The analyst says he's "going against the grain" and making a "contrarian call." The post-earnings selloff on the "better than feared" Q2 results and below consensus Q3 guidance, which is primarily related to switch router upgrade timing at a handful of cloud and service provider customers, provides a "reasonable entry point," Bhagavath tells investors in a research note.

He believes "robust" switch router and next-generation security refresh cycles will start in fiscal 2019 and that Juniper's fundamentals will improve from fiscal 2019 through fiscal 2021.