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FBR Capital Maintains an 'Outperform' on Blue Coat Systems (BCSI); Reports Final April Results; the Long, Painful Recovery

May 27, 2011 7:29 AM EDT
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Price: $25.82 --0%

Rating Summary:
    0 Buy, 7 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 1
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FBR Capital maintains an 'Outperform' on Blue Coat Systems (NASDAQ: BCSI), PT lowered from $31 to $26.

FBR analyst says, "Although we are disappointed in the F4Q miss and 1Q guidance, we believe the Blue Coat recovery story remains intact, as the company’s revamped go-to-market strategy coupled with selling into very healthy end markets (security/WAN optimization) should set the stage for a reacceleration of growth over the next 12 months."

"For F1Q12 we are lowering our total revenue and pro forma EPS estimates to $115.9 million and $0.22 versus our prior estimates of $124.9 million and $0.38. For FY12 we are lowering our total revenue and pro forma EPS estimates to $497.3 million and $1.13 versus our prior estimates of $523.4 million and $1.61. For FY13 we are introducing our total revenue and pro forma EPS estimates of $540.0 million and $1.47."

For more ratings news on Blue Coat Systems click here and for the rating history of Blue Coat Systems click here.

Shares of Blue Coat Systems closed at $22.36 yesterday.


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