Brocade’s Investor Day Offers Less Optimistic Outlook; Focus Shifts to Expense Control
Brocade’s annual investor day confirmed our suspicions that, in line with an overall industry trend, Brocade’s storage business is heading into accelerated secular decline, while the company’s software networking business growth rate is below our expectations. Nonetheless, our overall thesis remains the same, and we view Brocade as the company in transition that is using its gradually declining storage business cash flow to grow its software networking business. Our $11 fair value estimate and n...
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