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RBC Capital Upgrades McData to 'Sector Perform'

RBC Capital upgraded McData (MCDTA) to sector perform from underperform.

Analyst Robert Montague says talks with industry contacts show better visibility ahead for the maker of computer networking and storage gear. In spite of pending offerings from Cisco and often lower prices from Brocade, recent data points suggest McData is effectively fending off these factors, and should be able to post a good December quarter.

Montague says pricing assaults appear isolated at this time, as customers appear to be choosing director-class features vs. lower pricing. He thinks the company also is gaining market share in the switch segment with its new Sphereon 4500 product. He sees a six cent 2002 loss and four cents earnings per share for 2003, as well as six cents earnings per share for 2004.

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