Needham & Company Maintains a 'Buy' on Brocade (BRCD); One-on-One with CFO

Needham & Company maintains a 'Buy' on Brocade (NASDAQ: BRCD) price target of $6.50.

Analyst, Glenn Hanus, said, "We hosted BRCD’s CFO for one-on-one meetings with investors in Boston and NYC on 3/27 and 3/28. Overall, BRCD appeared confident reiterating F12 growth objectives for FC (5%+) and Ethernet (6-8%), providing good color on drivers of rev./GM%/OM% into F13. F2Q (April) was not specifically discussed but our sense is its tracking about in line with Street anticipating normal F2Q softening...FC demand continues healthy...Initiatives in place to accelerate Ethernet growth into 10-15%+ range in F13/14 timeframe depending on execution."

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

Shares of Brocade closed at $5.79 yesterday.

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