Brocade Communications Systems (BRCD) is Initiated by BofA/Merrill to Buy, Price Target at $10

Brocade Communications Systems (BRCD) was Initiated by BofA/Merrill to “Buy” and the brokerage firm has set the Price Target at $10. BofA/Merrill advised their investors in a research report released on May 18, 2016.

Many Wall Street Analysts have commented on Brocade Communications Systems. Shares were Downgraded by Wunderlich on May 3, 2016 to ” Hold” and Lowered the Price Target to $ 9 from a previous price target of $10.50 .RBC Capital Mkts Resumed Brocade Communications Systems on Mar 16, 2016 to “Sector Perform”, Price Target of the shares are set at $11.

On the company’s financial health, Brocade Communications Systems reported $0.29 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Feb 17, 2016. Analyst had a consensus of $0.24. The company had revenue of $574.00 million for the quarter, compared to analysts expectations of $561.29 million. The company’s revenue was down -.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.27 EPS.

Brocade Communications Systems opened for trading at $7.94 and hit $8.07 on the upside on Monday, eventually ending the session at $7.99, with a gain of 0.88% or 0.07 points. The heightened volatility saw the trading volume jump to 39,81,114 shares. Company has a market cap of $3,201 M.

In a different news, on Mar 30, 2016, Daniel W Fairfax (SVP and CFO) sold 12,000 shares at $10.23 per share price. According to the SEC, on Feb 23, 2016, Gale E. England (COO and SVP Operations) sold 10,000 shares at $9.68 per share price. On Dec 16, 2015, Ellen Odonnell (SVP & General Counsel) sold 5,409 shares at $8.60 per share price, according to the Form-4 filing with the securities and exchange commission.

Brocade Communications Systems Inc. (Brocade) is a supplier of networking equipment including end-to-end Internet Protocol-based Ethernet networking solutions and storage area networking solutions for businesses and organizations of all types and sizes including global enterprises and service providers such as telecommunication firms cable operators and mobile carriers. Brocade offers networking hardware and software products and services. Its products and services are marketed sold and supported globally to end-user customers through distribution partners including original equipment manufacturers distributors systems integrators value-added resellers and directly to end-users by the Brocade direct sales force. The Company operates in four segments: Data Storage Global Services IP Layer 2-3 and IP Layer 4-7/ Application Delivery Products.

Brocade Communications Systems

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