Brocade (BRCD) Posts Solid Q4 - Needham & Company

November 19, 2013 8:35 AM EST
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Price: $12.50 +0.24%

Rating Summary:
    4 Buy, 27 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Needham & Company analyst Glenn Hanus reiterated a Buy rating and $9.50 price target on Brocade (NASDAQ: BRCD) following Q4 results after the close.

"BRCD reported F4Q EPS above Street on strong GM% and OPEX reductions ahead of schedule with in-line rev. (both SAN and IP) despite weak Federal and some sluggishness in the storage market," Hanus notes. "F1Q guide for in-line EPS on just slightly lower revenue. Overall, tone was upbeat as execution/focus improving under new CEO. BRCD has realized ~$100M of planned spending cuts 2Qs ahead of schedule. BRCD is maintaining its outlook as provided at Sept. Analyst Day - emphasizing profitability while refocusing Ethernet on datacenter and Federal."

The firm is maintaining FY 2014 and instituting FY 2015 EPS of $0.87 (up 9% y/y) on $2.267B (up 3%).

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 $8.10 yesterday.

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