Brocade Communications Systems Rating Increased to Outperform at Zacks (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research note issued on Tuesday, Analyst Ratings.Net reports. The firm currently has a $9.00 price target on the stock. Zacks‘ target price would indicate a potential upside of 11.25% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Analysts at Wedbush raised their price target on shares of Brocade Communications Systems from $7.50 to $8.00 in a research note to investors on Friday, September 27th. They now have a “neutral” rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of Brocade Communications Systems from $10.00 to $11.00 in a research note to investors on Thursday, September 26th. They now have an “outperform” rating on the stock. Finally, analysts at Pacific Crest raised their price target on shares of Brocade Communications Systems from $7.00 to $11.00 in a research note to investors on Thursday, September 26th. They now have a “sector perform” rating on the stock. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $7.84.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded down 1.58% on Tuesday, hitting $8.09. The stock had a trading volume of 13,446,659 shares. Brocade Communications Systems has a 1-year low of $5.14 and a 1-year high of $8.43. The stock’s 50-day moving average is $7.86 and its 200-day moving average is $6.43. The company has a market cap of $3.577 billion and a price-to-earnings ratio of 19.57.
Brocade Communications Systems (NASDAQ:BRCD) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.19 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.12 by $0.07. The company had revenue of $536.60 million for the quarter, compared to the consensus estimate of $518.84 million. During the same quarter in the prior year, the company posted $0.14 earnings per share. The company’s quarterly revenue was down 3.4% on a year-over-year basis. On average, analysts predict that Brocade Communications Systems will post $0.75 earnings per share for the current fiscal year.
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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