Brocade Communications Systems (NASDAQ:BRCD) was upgraded by equities research analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Tuesday, AnalystRatings.Net reports. The analysts noted that the move was a valuation call.
Several other analysts have also recently commented on the stock. Analysts at ISI Group downgraded shares of Brocade Communications Systems from a “buy” rating to a “neutral” rating in a research note to investors on Monday, November 25th. They now have a $9.00 price target on the stock, up previously from $8.89. Separately, analysts at Wunderlich reiterated a “buy” rating on shares of Brocade Communications Systems in a research note to investors on Tuesday, November 19th. They now have a $9.50 price target on the stock. Finally, analysts at BMO Capital Markets raised their price target on shares of Brocade Communications Systems from $8.75 to $9.25 in a research note to investors on Tuesday, November 19th. They now have a “market perform” rating on the stock. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $8.32.
Shares of Brocade Communications Systems (NASDAQ:BRCD) opened at 8.53 on Tuesday. Brocade Communications Systems has a 52-week low of $5.14 and a 52-week high of $9.03. The stock’s 50-day moving average is $8.27 and its 200-day moving average is $7.17. The company has a market cap of $3.798 billion and a price-to-earnings ratio of 19.11.
Brocade Communications Systems (NASDAQ:BRCD) last announced its earnings results on Monday, November 18th. The company reported $0.24 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.18 by $0.06. The company had revenue of $559.00 million for the quarter, compared to the consensus estimate of $555.08 million. During the same quarter in the prior year, the company posted $0.17 earnings per share. The company’s quarterly revenue was down 3.3% on a year-over-year basis. Analysts expect that Brocade Communications Systems will post $0.80 EPS for the current fiscal year.
In other Brocade Communications Systems news, CFO Daniel W. Fairfax sold 25,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $8.75, for a total value of $218,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Brocade Communications Systems, Inc (NASDAQ:BRCD) 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.
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