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Deutsche Bank Keeps 'Buy' on Foundry Networks

Deutsche Bank keeps its buy rating on Foundry Networks (FDRY).

Analyst Raj Srikanth says Deutsche Bank hosted a meeting Monday with Foundry CFO Tim Heffner and Treasurer Mike Iburg. He notes management indicated that the first quarter has shaped up very similar to the fourth quarter of 2003, in absolute dollar terms sales.

Srikanth says its appears Foundry's business has slipped since its Feb. 3 update, when the company indicated it was ahead of the fourth quarter. He reminds investors that March is the strongest month in the first quarter, and unlike December, it's unencumbered with holidays. Srikanth believes continued execution by management is likely to see it make up for the recent slip in shares. He sees 2% first-quarter sequential revenue growth, and keeps the $32 target.

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