Brocade (BRCD) Analysts Getting Gooey Over Q1 Results, Q2 Forecast
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Price: $12.73 --0%
Rating Summary:
4 Buy, 22 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
4 Buy, 22 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Brocade Communications Systems (NASDAQ: BRCD) shares are up 1.47 percent to $6.65 in midday market movement on Friday after the company posted better-than-expected first-quarter results last night and guides sales for the current quarter ahead of the Street.
The storage networking company received upgrades on Friday from Hold to Buy from both ThinkEquity and Wunderlich Securities.
ThinkEquity analyst Rajesh Ghai also raised his price target on CBrocade from $6 to $8, saying that the company has “improved execution and control.”
Canaccord Genuity analyst Paul Mansky reiterated a Buy rating on the stock wile raising his price target from $6.50 to $7.50. Mansky said that the company has turned the corner after having to re-position its sales force and a slowdown in government spending, adding that the quarterly results are “the first indication that many of those challenges have stabilized.”
Wedbush analyst Kaushik Roy reiterated a Buy rating on Brocade, while lifting his price target from $7 to $7.50 on Friday, pointing out that this is the second consecutive quarter of beating estimates. “We believe the worst is behind Brocade and 2011 will be a good year," Roy said.
Deutsche Bank was not quite as impressed as some others, maintaining a Hold rating on Brocade with $6 price target. The firm said, "Our latest IT checks suggest continued volatility in Brocade’s sales and OEM partner execution – a trend that we anticipate to persist through FY11/12. The bar set by Cisco’s (NASDAQ: CSCO) Nexus switches and the upcoming Juniper’s (NASDAQ: JNPR) Stratus switch is likely to be steep for Brocade to overcome."
The storage networking company received upgrades on Friday from Hold to Buy from both ThinkEquity and Wunderlich Securities.
ThinkEquity analyst Rajesh Ghai also raised his price target on CBrocade from $6 to $8, saying that the company has “improved execution and control.”
Canaccord Genuity analyst Paul Mansky reiterated a Buy rating on the stock wile raising his price target from $6.50 to $7.50. Mansky said that the company has turned the corner after having to re-position its sales force and a slowdown in government spending, adding that the quarterly results are “the first indication that many of those challenges have stabilized.”
Wedbush analyst Kaushik Roy reiterated a Buy rating on Brocade, while lifting his price target from $7 to $7.50 on Friday, pointing out that this is the second consecutive quarter of beating estimates. “We believe the worst is behind Brocade and 2011 will be a good year," Roy said.
Deutsche Bank was not quite as impressed as some others, maintaining a Hold rating on Brocade with $6 price target. The firm said, "Our latest IT checks suggest continued volatility in Brocade’s sales and OEM partner execution – a trend that we anticipate to persist through FY11/12. The bar set by Cisco’s (NASDAQ: CSCO) Nexus switches and the upcoming Juniper’s (NASDAQ: JNPR) Stratus switch is likely to be steep for Brocade to overcome."
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