Baird upgraded Brocade (NASDAQ: BRCD) from Underperform to Neutral with a price target of $13.00 (from $9.00) after the company agreed to be acquired by by Broadcom for $12.75/share.

"We do not expect a strategic bidder to attempt to counter the Broadcom offer," analyst Jayson Noland said.

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 $11.24 yesterday.