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- 4 أغسطس 2004
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Wednesday November 17, 2004 (4:37 pm ET)
First Albany Maintains Buy on Brocade
Analyst Joel Wagonfeld says the networking-systems provider could see upside from Hewlett-Packard's growth
First Albany reiterates buy rating for infrastructure-services provider Brocade Communications Systems (BRCD) and raises its price target.
Analyst Joel Wagonfeld says Brocade's fourth-quarter results are due out Nov. 22, and his estimates call for in-line earnings per share of 6 cents on $154 million in revenue. He notes, however, that he now sees a potential for upside due to Hewlett-Packard's strong quarter-over-quarter storage results.
Wagonfeld estimates that Hewlett-Packard typically represents 10% to 30% of Brocade's revenues in any given quarter. He notes Hewlett-Packard said that enterprise storage rose 16% quarter-over-quarter and thinks midrange storage (where Brocade has significant exposure) is experiencing much of that improvement. Also he notes Hewlett-Packard added new storage salespeople, and sees productivity ramping over coming quarters, which would benefit partners like Brocade. He raises the company's $7 price target to $8.50.
First Albany Maintains Buy on Brocade
Analyst Joel Wagonfeld says the networking-systems provider could see upside from Hewlett-Packard's growth
First Albany reiterates buy rating for infrastructure-services provider Brocade Communications Systems (BRCD) and raises its price target.
Analyst Joel Wagonfeld says Brocade's fourth-quarter results are due out Nov. 22, and his estimates call for in-line earnings per share of 6 cents on $154 million in revenue. He notes, however, that he now sees a potential for upside due to Hewlett-Packard's strong quarter-over-quarter storage results.
Wagonfeld estimates that Hewlett-Packard typically represents 10% to 30% of Brocade's revenues in any given quarter. He notes Hewlett-Packard said that enterprise storage rose 16% quarter-over-quarter and thinks midrange storage (where Brocade has significant exposure) is experiencing much of that improvement. Also he notes Hewlett-Packard added new storage salespeople, and sees productivity ramping over coming quarters, which would benefit partners like Brocade. He raises the company's $7 price target to $8.50.