Cantor Fitzgerald Starts Brocade (BRCD) at Hold, $6.50 Price Target

Cantor Fitzgerald initiated coverage on shares of Brocade (NASDAQ: BRCD) with a Hold rating and a $6.50 price target.

The firm said "Although we expect storage to out-perform in the coming year, we do not share the same confidence with the Ethernet business. This leaves us with insufficient basis to assume material estimate or multiple expansion at the time." Cantor is modeling for Brocade to retake share in the storage industry, however cited "stiffening service provider comparisons, questionable Federal budgets, and enterprise channel transition" reducing the firm's "conviction that the company will grow at multiples to the market."

For an analyst ratings summary and ratings history on Brocade click here. For more ratings news on Brocade click here.

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