Brean Murray Assumes Coverage on Network Equipment Technologies (NWK) with a Buy
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Brean Murray assumes coverage on Network Equipment Technologies (NYSE: NWK) with a Buy rating and a $8 price target.
The firm said, "Network Equipment Technologies is well positioned to capitalize on the government's technology migration from TDM to IP. Shares are oversold, in our view, having contracted to almost 70% from their October 2007 recent high, owing more recently to disappointing 1QFY09 (June) guidance of flat-to-down year over year and 10-15% top-line growth for FY09. We believe order delays in the Federal business (70-80% of sales) are temporary and expect normalized spending trends in 3QFY09 (September). We view the company’s initiatives with Microsoft (NASDAQ: MSFT) in the enterprise VOIP area as compelling and expect to see momentum in 2HCY08."
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