Baird Reiterates Underperform on Brocade Communications (BRCD) Following 3Q Beat
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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."
Shares of Brocade closed at $10.46 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesRobert W Baird, Earnings, Jayson Noland
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