UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Raises PT on Brocade Communications Systems
In a report published Friday, Cantor Fitzgerald reiterated its Buy rating on Brocade Communications Systems (NASDAQ: BRCD), and slightly raised its price target from $6.00 to $7.00.
Cantor Fitzgerald noted, “We are reiterating our BUY recommendation on Brocade shares while raising our price target from $6.00 to $7.00. Although our estimates are unchanged, we view the company as well positioned to hold or increase share in Fibre Channel while improving execution in Ethernet leaves room for potential upside, notably upon anniversary of materially easing comparisons beginning this January. Amid today's investor apathy, which has ownership concentrated among value or activist holders, should the company execute to this anticipated setup we see room for expansion in the base to include GARP and possibly event-driven investors.”
Brocade Communications Systems closed on Thursday at $5.88.
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