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UPDATE: Wedbush Maintains Neutral Rating, Lowers PT for Brocade Communications

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Good Time to Buy Brocade Communications? (Fox Business)

In a report published earlier today, Wedbush Securities Inc. maintained its Neutral rating for Brocade Communications Systems, Inc. (NASDAQ: BRCD) and slightly lowered its price target from $6.00 to $5.50.

Wedbush went on to say “FQ2 revenue and EPS modestly exceeded expectations as the SAN business offset ongoing issues in the Ethernet business which fell q/q and y/y, as expected. Positives in the quarter included better-than-expected sales of storage, growth in sales to service providers, and higher-than-expected margins (due to storage mix). Negatives included execution issues and competition within the Ethernet segment. Q3 guidance was mixed as macro uncertainty and weakness in Federal is likely to create near-term headwinds. While we think the SAN strength continues to be a positive, we think the ongoing weakness and lost share within the Ethernet business is a significant issue which is only being addressed now. Given the uneven spending environment and an intense competitive environment, we advise investors to remain on the sidelines until more visibility into fundamentals emerges.”

Brocade Communications Systems, Inc. closed yesterday at $4.94

Latest Ratings for BRCD

DateFirmActionFromTo
Aug 2014Deutsche BankMaintainsHold
Aug 2014UBSMaintainsNeutral
May 2014Deutsche BankMaintainsHold

View More Analyst Ratings for BRCD
View the Latest Analyst Ratings

Posted-In: Wedbush SecuritiesAnalyst Color Price Target Reiteration Analyst Ratings

 

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