Whiting Leaving Brocade (BRCD) Could Create Uncertainty in Employee, Shareholder Bases -ThinkEquity
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Get Alerts BRCD Hot Sheet
Price: $5.54 -3.48%
Rating Summary:
3 Buy, 17 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
3 Buy, 17 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade BRCD Now!
Shares of Brocade (Nasdaq: BRCD) are down more than 3 percent Tuesday morning (although well off session lows) as investors are reacting to news late Monday the company's Senior VP of Worldwide Sales, Ian Whiting, will be leaving soon.
Certainly not helping bulls in the stock, ThinkEquity's Rajesh Ghai downgraded Brocade shares from Buy to Hold earlier. The analyst's price target was reduced from $6.50 to $5.
Ghai is worried news of Whiting's departure will create uncertainty within Brocade's employee base. One the shareholder side of things, the analyst said the move could indicate Brocade is "locked in an ongoing go-to-market strategy shift," something which should reduce visibility. Ghai also cited re-emerging macro concerns, sparked by continued financial turmoil in Europe.
Notably, Brocade shares traded as low as $4.18 earlier.
Visit our Analyst Ratings page to track all the market-moving upgrades/downgrades on shares of Brocade.
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Certainly not helping bulls in the stock, ThinkEquity's Rajesh Ghai downgraded Brocade shares from Buy to Hold earlier. The analyst's price target was reduced from $6.50 to $5.
Ghai is worried news of Whiting's departure will create uncertainty within Brocade's employee base. One the shareholder side of things, the analyst said the move could indicate Brocade is "locked in an ongoing go-to-market strategy shift," something which should reduce visibility. Ghai also cited re-emerging macro concerns, sparked by continued financial turmoil in Europe.
Notably, Brocade shares traded as low as $4.18 earlier.
Visit our Analyst Ratings page to track all the market-moving upgrades/downgrades on shares of Brocade.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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