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Wit SoundView Keeps 'Strong Buy' on Brocade

Wit SoundView reiterates strong buy on Brocade Communications (BRCD).

Analyst Glen Ingalls says the pullback in the stock to $18, as well as the growing list of inputs that demand will continue to improve, convinces him that now is time for investors to act. Ingalls notes management reaffirmed third and fourth quarter guidance. He says the company has the highest spending index of 48 technology hardware, software and services companies in a recent Giga survey of 200 end users.

Ingalls thinks the stock is compelling, and will ultimately warrant a price-earnings multiple of 60 times his calendar 2003 estimates, based on a price-earnings-to-growth ratio of 1.3. He also reiterates his $40 target.

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