BWS Financial Upgrades Foundry Networks (FDRY) to Hold
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BWS Financial upgrades Foundry Networks (Nasdaq: FDRY) from Sell to Hold, saying the "one event to nix our sell rating occurred..." with Brocade's (Nasdaq: BRCD) $3 billion offer for the company.
The firm said it does not expect a superior offer to Brocade's terms and is "moving to the sidelines and waiting for the deal to close." Further, BWS sees integration and competitive risks to the Foundry transaction and believes that Brocade will not be able to maintain its integration targets that were presented yesterday on a conference call.
Shares of Foundry are up more than 30% today, and most recently traded at $17.95.
Foundry Networks, Inc. designs, develops, manufactures, markets, and sells switching and routing solutions for wired and wireless local area networks (LAN), metropolitan area networks (MAN), wide area networks (WAN), and other infrastructure products worldwide.
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