Who shorted? Sure, there will be some profit taking so could dip a little but this thing is going higher - no question. Only think that brings this back to 21 is a market melt down. If that doesn't happen the those that shorted (and will be forced to cover) will only push this beyond 25...could even go to 30.
So, which firm deserves an elevated PE? ... the one that missed and talks about the challenging conditions, or the one that beat and talks about imminent growth? Juniper at 35, Cisco at 13 (now). Be careful ... global UC and its impact is a train that will pull for a few years.