Needham & Company Maintains a 'Buy' on Brocade (BRCD); Q2 Review

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

Analyst, Glenn Hanus, said, "Similar to F1Q, BRCD reported F2Q12 ahead of our and Street estimates driven by continued SAN strength. Ethernet missed on soft spending at Service Providers and Federal as well as execution issues on sales model transition in Campus/LAN. Our BRCD thesis remains basically intact -
Execution in core (slow growth) SAN business continues to be strong, as Ethernet shows some promising signs, albeit F2Q was disappointing."

Hanus raises FY12 EPS estimate from $0.59 to $0.62, but lowers FY13 from $0.61 to $0.59.

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 $4.94 yesterday.

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