Baird Reiterates Underperform on Brocade Communications (BRCD) Following 3Q Beat
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a 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
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- Philip Morris Intl (PM) PT Raised to $101 at Jefferies
- FBR Capital Raises price Target on Gentex Corp (GNTX) to $22
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!