Baird Reiterates Underperform on Brocade Communications (BRCD) Following 3Q Beat

August 26, 2016 7:59 AM EDT
Get Alerts BRCD Hot Sheet
Price: $8.69 -0.8%

Rating Summary:
    6 Buy, 24 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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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."

For an analyst ratings summary and ratings history on Brocade click here. For more ratings news on Brocade click here.

Shares of Brocade closed at $10.46 yesterday.

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