NEW YORK (TheStreet) -- If telecommunications spending increases this year as analysts project, Brocade Communications (BRCD)  will profit. The company is a supplier of network equipment services to various businesses, including cable operators and mobile carriers.

Research firm IDC predicts a 13% year-over-year jump in carrier spending for 2015, which means a $536 billion market, making Brocade, which reports earnings Thursday, a solid play. 

Brocade, San Jose, Calif., is one of the largest data storage providers in the world. With its recent acquisition of Riverbed Technology's (RVBD) SteelApp business, Brocade is looking to capitalize on a $2 billion market for Application Deliver Control services, a software-based platform that controls data traffic. The market is growing at a compound annual rate of 30%.

Brocade stock closed Wednesday at $12.59, up 1.5%. The shares have surged more than 6% in five days and are up 6.3% for the year to date. Even more impressive, the stock has dominated the broader averages, gaining 35% in the past six months. Take a look at the chart.

BRCD 6 Month Price Returns (Daily) Chart
BRCD 6 Month Price Returns (Daily) data by YCharts

The stock is one of the best bargains in the market and analysts have not been able to keep up with the company's performance. 

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TheStreet Ratings team rates BROCADE COMMUNICATIONS SYS as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate BROCADE COMMUNICATIONS SYS (BRCD) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

You can view the full analysis from the report here: BRCD Ratings Report

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.