Blue Coat Systems Higher On The Day (BCSI)
Blue Coat Systems Inc (NASDAQ: BCSI) is higher again today, gaining 12 cents to trade at $21.20.
Yesterday BCSI announced it was replacing Brian NeSmith as CEO with Michael Borman.
Before becoming CEO of Blue Coat, Borman was CEO of Avocent, which was bought for $1.2 billion in cash by Emerson Electric (NYSE: EMR).
As a result of the appointment, Needham & Co. raised its rating on the stock to Buy from Hold, and put a $27 price target on shares.
"The appointment of Borman as CEO is an acknowledgment by BCSI that operations had faltered at the company; this was evidenced by weak JulyQ and OctQ guidance and an admission that EMEA [Europe, Middle East and Africa] field operations are underperforming," said Needham & Co.
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