Juniper Networks, Inc. (NYSE:JNPR) featured as a candidate for activist interest in all three screens presented in our activist investor framework in that report: (1) we estimated its 2013 capital returns (defined as buybacks and dividends, though Juniper does not have a dividend) at 48% of FCF, below the sector average of 80%, (2) its operating expenses are 45% of revenues, above the 35% median for companies with revenue growth below 10%, and (3) Juniper's "firepower" for increased capital allocation, defined as funds available if it were to lever up to 1X and 2X net debt/EBITDA, is well above average for our sector. We maintain our Sell rating on structural and competitive issues in Juniper's core routing, switching, and security segments. We will closely monitor the company (led by a new CEO as of Jan. 1) for signs that it may become a more aggressive capital allocator or cost cutter, which could potentially make us more positive.