Brocade (BRCD) Surges on Positive Citigroup Report

A glowing report from an analyst at Citigroup has shares of Brocade Communications (Nasdaq: BRCD) on the move today.

This morning, Citi reiterated its 'Buy' rating on Brocade and added the stock to their 'Top Picks Live' list. The firm has a $10 price target on BRCD.

Citi cited valuation, but said the fundamental profile is a larger portion of the story. The firm said, "with last quarter's results indicating that the high-end products grew through the potential disruption in the January quarter, coupled with sell-through outpacing sell-in to the OEM, our prior near-term concerns are now behind us."

Shares of Brocade are up about 10% today to $7.40.

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