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Bear Stearns: Brocade Still Attractive

Brocade (BRCD) posted $0.06 vs. $0.05 Q2 EPS. Bear Stearns rates the shares attractive.

Analyst Andrew Neff says Q2 results were in line with his estimates. He is concerned that Brocade sounds eerily like EMC at its peak -- i.e., management is extremely confident about growth, market opportunities, competitive position, and increasing value-added system content. He also notes research firm IDC's recent preliminary revisions of forecasts for the storage area network infrastructure market are sharply below its previous estimates and current estimates by Dataquest, another research outfit. Neff says if these levels are what vendors are targeting -- or will target -- he will have to assess his investment opinion in a lower growth rate environment for Fibre Channel vendors.

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