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Goldman Upgrades Brocade Communications to 'Outperform'

Goldman Sachs upgraded Brocade Communications (BRCD) to outperform from in-line.

Analyst Brenden Smith says Goldman is transferring coverage of Brocade, a maker of channel switches for storage-area networks. He notes shares have already run up more than 33% since Oct. 3, and sentiment has turned positive sooner than he expected. Still, Smith believes the stock could eventually break through the $9 level in the next six months.

He thinks Brocade has won a single-source opportunity from Dell for a low-end switch that will sell as part of Dell's standard storage-area networks bundle around mid-2004. He notes Dell may be small part of the storage industry today, but believes developments at Dell's storage business are the best leading indicators of what's to come.

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