NEW YORK (TheStreet) -- Shares of Brocade Communications Systems (BRCD) closed higher by 0.87% to $8.08 on Wednesday ahead of the company's 2016 fiscal second quarter results due out before tomorrow's opening bell.

Wall Street is expecting the San Jose-based communications and networking company to report earnings of 22 cents per share on revenue of $530.9 million.

Earlier this month, the company reported preliminary results for the quarter ended April 30.

Brocade now forecasts earnings per diluted share between 21 cents and 23 cents on revenue of $518 million to $528 million, compared to its previous guidance for EPS between 22 cents and 24 cents on revenue in the range of $542 million to $562 million.

During the same quarter last year, Brocade posted earnings of 22 cents per diluted share on revenue of $547 million.

In April, the company said it would buy Ruckus Wireless (RKUS) in a deal valued at about $1.5 billion.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels, impressive record of earnings per share growth and increase in net income.

The team feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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