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Thomas Weisel Upgrades Extreme Networks to 'Buy'

Thomas Weisel upgraded Extreme Networks (EXTR) to buy.

Analyst Jason Ader says his upgrade is based on market share gains; signs of improving IT spending (based on positive takeaways from last week's Networld Interop trade show, and positive comments from Cisco and Foundry Networks); and attractive valuation on potential earnings per share upside over the next two to four quarters. He notes his conviction on market share gains is born out of recent financial outperformance relative to key competitors.

Plus, Ader says market analysis indicates to him Extreme is winning a war of attrition vs. competitors including Nortel and Foundry Networks -- establishing itself as most the viable alternative to Cisco in the $12 billion local area network (LAN) switching market. Ader sees $0.07 fiscal 2002 (June) EPS, and $0.22 for fiscal 2003.

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