Baird Reiterates Underperform on Brocade Communications (BRCD) Following 3Q Beat
- Wall Street surges to new highs; transports set record
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- After-Hours Stock Movers 12/07: (VYGR) (LULU) (HRB( Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Baird reiterated an Underperform rating and $8.00 price target on Brocade Communications (NASDAQ: BRCD) following the company's 3Q earnings report. Brocade reported revenue and non-GAAP EPS of $591 million and $0.21, which came in ahead of consensus estimates of $567 million and $0.17.
Analyst Jayson Noland commented, "Brocade posted a good quarter and mixed guide though the SAN product business is showing YoY weakness relative to past trends. The company said weakness in Service Provider and Fed Gov weighed on IP Networking results. We continue to believe that All-Flash Array strength is a fundamental challenge to the FC SAN market. Management said they would address this issue at their September 21 analyst day in NYC."
Shares of Brocade closed at $10.46 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wedbush Raises Price Target on Francesca's (FRAN) Following 3Q Report
- BWS Financial Cuts Price Target on Sigma Designs (SIGM) to $5.00
- Credit Suisse Downgrades NetApp (NTAP) to Underperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesRobert W Baird, Earnings, Jayson Noland
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!