Brocade Pops on Acquisition Rumors as Broadcom Might Be a Potential Suitor; Maintain FVEs
On Oct. 31, Bloomberg reported that Brocade Communications is in advanced talks to sell itself, with Broadcom noted as one of the possible interested buyers. Brocade’s stock rose 22% on the news toward our unchanged $11 fair value estimate, and we would agree with prospective buyers that Brocade’s business was undervalued in the $8.70 range prior to the Bloomberg report. We would recognize some financial and strategic sense in such a deal for Broadcom, if it were in fact to acquire Brocade at a ...
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