UPDATE: Cantor Fitzgerald Upgrades Brocade Communications Systems to Buy, Raises PT
In a company update published earlier today, Cantor Fitzgerald L.P. upgraded its rating for Brocade Communications Systems, Inc. (NASDAQ: BRCD) from Hold to Buy, and very slightly raised its price target from $5.50 to $6.00.
Cantor Fitzgerald went on to say “It appears increasingly likely the company will seek to monetize part of its San Jose campus, which will dramatically (positively) impact the balance sheet. It would also accelerate the company's ability to execute its current buy-back, at 33% of today's market capitalization (note: CEO purchased 50K shares on June 5).”
Brocade Communications Systems, Inc. closed on Friday at $4.65.
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