UPDATE: J.P. Morgan Maintains On Brocade On Expected Divestitures
In a report published Monday, J.P. Morgan analyst Mark Moskowitz maintained an Underweight rating on Brocade (NASDAQ: BRCD) but raised the price target from $7.00 to $8.00.
In the report, J.P. Morgan said "We are adjusting our Brocade model for market- and company-specific factors. Our F2013/F2014 revenue estimates are decreasing due to broader market weakness and Brocade's planned divestitures of certain assets. We expect the divestitures to help prop up operating margin and cash flow metrics, resulting in our price target increasing to $8.00, versus $7.00 previously. We could become more constructive on the stock if the revenue model starts to return to growth on a YoY basis. In the interim, we maintain our Underweight rating."
Brocade closed on Friday at $8.09.
Latest Ratings for BRCD
|Nov 2016||RBC Capital||Downgrades||Outperform||Sector Perform|
|Nov 2016||DA Davidson||Downgrades||Buy||Neutral|
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