Salomon Cuts Brocade, EMC and InRange
Salomon Smith Barney downgraded Brocade (BRCD ), EMC (EMC ) and InRange Tech (INRG ) to outperform from buy.
Analysts Clinton Vaughan and John Dean say while they continue to believe in the longer-term appeal of storage industry, they see the storage sector as a relative outperformer and also continue to feel that storage stocks and fundamentals will be under pressure in the near term. Although they recognize that much of the downside risk is reflected in current prices, they cannot ignore the looming fundamental erosion that has been caused by an economic downturn. They note these companies continue to execute well, their rating adjustments are based on macroeconomic weakness and nothing company-specific.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- In One Tweet, Kylie Jenner Wiped Out $1.3 Billion of Snap’s Market Value
- China Regulator Seizes Anbang, Chairman Faces Fraud Prosecution
- U.S. Companies Abandon the NRA as Boycott Call Grows
- The Two Words That Will Help Get an Airline Upgrade Over the Phone
- Snap CEO Evan Spiegel Got $638 Million in Year of Firm's IPO