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Goldman Adds Brocade to Recommend List

Goldman Sachs adds Brocade Communications (BRCD) to its recommend list after it posts $0.05 fourth quarter EPS.

Analyst Laura Conigliaro says the fourth quarter was impressive as revenue beat whisper numbers. She adds that gross margins as well as initial shipments of SilkWorm 12,000 were strong. She believes Brocade is one of the best-positioned companies in the current environment, with its shift to network storage driving improving fundamentals and new market-expanding products. At the same time, it is solidifying its position as a leader in storage networks, with a growing portfolio of value-added intelligence driving its next phase of growth.

She raises fiscal 2002 EPS of $0.26 to $0.30. She sets an EPS estimate of $0.55 for fiscal 2003 and sets a low $30s to low $40s price target on the stock.

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