Juniper ( JNPR) fans are bracing for more fun as downward guidance looms.The Sunnyvale, Calif., Internet gearmaker is set to release second-quarter results and share its business outlook after the market closes Wednesday. And analysts see very little reason to be optimistic. Juniper has lost orders due to industry consolidation. Its network-security business is still disappointing. Companies aren't exactly ditching their Cisco ( CSCO) computer networking gear in favor of new stuff from Juniper. And in May, Juniper came under scrutiny as part of the growing stock-options backdating scandal. Investors have felt the ill winds. Juniper shares have dropped 37% this year, hitting a two-year low of $14.02 Tuesday. And there may be yet more room to fall, say analysts. "We see a 70% probability that September quarter guidance will be below Street estimates," says Merrill Lynch analyst Tal Liani in a research note. Wall Street may not have already figured a revenue cut into the stock price, Liani writes. "We believe Juniper may come under pressure on the quarter's results." Analysts expect Juniper to post adjusted earnings of 19 cents a share on sales of $567 million in the second quarter, according to Thomson First Call. Looking ahead to the third quarter, analysts are predicting pro forma profit to remain at 19 cents a share on sales of $582 million, reflecting about 3% sequential growth. Merrill's Liani says Juniper has already indicated that the third quarter may not see growth, but end up rather flattish sequentially. And while Liani sees some potential for a turnaround next year, JPMorgan's Ehud Gelblum is less hopeful, saying Juniper has passed its big growth phase. "We believe Juniper is beginning to face increased competitive pressure in all three of its main markets -- core routing, edge routing and enterprise/security," Gelblum writes.