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UPDATE: Goldman Sachs Raises PT to $4.40 on Brocade Communications Systems; Solid FQ2

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Goldman Sachs raises its price target on Brocade Communications Systems (NASDAQ: BRCD) from $4.20 to $4.40 as it reiterates shares at Sell.

Goldman Sachs says, "Brocade reported strong data storage (SAN) revenue, above GS and the Street, but disappointing IP revenue on weakness in the enterprise and federal verticals. The IP segment struggled for the second quarter as it works through a channel distribution transition. …We are raising our 12-month price target to $4.40 from $4.20, which is based on 8.5X our CY2013E non-GAAP EPS of $0.52 (prior CY12 of $0.50) on stronger data storage (SAN) revenue growth."

BRCD closed at $4.94 on Thursday.

Latest Ratings for BRCD

DateFirmActionFromTo
Nov 2016WunderlichDowngradesBuyHold
Nov 2016DA DavidsonDowngradesBuyNeutral
Nov 2016RBC CapitalDowngradesOutperformSector Perform

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View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

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