Tight cost controls helped Brocade beat analysts' forecasts in its third-quarter results. Carney, who took over as CEO earlier this year, pointed out strong Storage Area Networks (SAN) sales and robust VDX switch revenue on the earnings call as well.
"In our view, evidence is emerging that a more focused, streamlined BRCD is in the works only ~2 quarters into the new CEO's tenure," wrote ISI Group analyst Brian Marshall, in a note. Marshall, who has a 'buy' rating on the company, raised his Brocade price target to $9 from $7.50.
Shares of Brocade, which have climbed more than 48% this year, crept up 0.15% to $7.92 during Friday trading.
--Written by James Rogers in New York.Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com.
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