Analysts' Negativity Helps Lead Brocade, Storage Names Lower
Brocade (BRCD) was down 3.3% in early trading after Morgan Stanley cut its 2001 earnings estimate to 60 cents from 61 cents and lowered its 2002 forecast to 87 cents from 94 cents. Morgan also slashed its price target to $65 from $128.
Salomon Smith Barney
also weighed in on Brocade, reducing its price target to $72 from $130. Brocade fell sharply during the last two sessions in the wake of an earnings warning from
Emulex
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. Salomon cut its target for Emulex to $60 from $115 and also lowered price targets for
QLogic
(QLGC)
,
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Veritas
(VRTS) - Get Virtus Investment Partners Inc. Report
,
JNI
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and
Sycamore
(SCMR)
. Emulex was down 7.5% and QLogic fell 6.3%. Veritas was up 2.9%, JNI was ahead 2.7% and Sycamore was gaining 6.4%.
