UPDATE: Sterne Agee Initiates Coverage on Brocade Communications Systems with Neutral Rating
In a report published Friday, Sterne Agee Group initiated coverage on Brocade Communications Systems (NASDAQ: BRCD) with a Neutral rating.
Sterne Agee noted, “After several years of intense M&A speculation, it appears Brocade as a standalone entity is the most likely outcome. As such, Brocade remains well positioned in FC, but the big lever for the stock will be success of its scale-out VCS platform, that's still in early phases of adoption. Valuation at/above OEM partners suggests the stock is fairly valued, in our view.”
Brocade Communications Systems closed on Thursday at $6.07.
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