Needham & Company Maintains a 'Buy' on Brocade (BRCD); Q3 Above Street on Unexpected Ethernet Strength

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Needham & Company maintains a 'Buy' on Brocade (NASDAQ: BRCD) price target of $6.50.

Analyst, Glenn Hanus, said, "BRCD reported F3Q12 above Street driven by very strong Ethernet sales, partially offset by modest SAN miss. Strong Federal and Enterprise business drove Ethernet, while SAN missed on some softness in EMEA (macro), but 16Gb products continued to ramp. Overall, macro challenging but BRCD seeing solid demand and issued F4Q guide largely inline with street. Ethernet commentary suggests continuing momentum into F13 with SAN solid as well. CEO announced he will be resigning once a successor is chosen and transitions."

FY12 EPS estimate raised from $0.62 to $0.63 and FY13 from $0.59 to $0.62.

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 $5.63 yesterday, with a 52 week range of $3.31-$6.17.

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