TheNewsRoom | Citigroup Raised PT For Brocade Communications To $8.50 (BRC

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Citigroup Raised PT For Brocade Communications To $8.50 (BRC

February 18, 2011

Citigroup raised its target price for Brocade Communications (NASDAQ:BRCD) to $8.50 from $7.00, and maintained its buy rating.They raised their 2011 EPS estimate to $0.48 from $0.44, versus a consensus estimate of $0.43. The 2012 EPS estimate was raised to $0.64 from $0.63, versus a consensus estimate of $0.52.Citigroup believes BRCD is turning the corner and is beginning to execute its revamped go-to-market strategy in its IP business.