Son of SAN - Storage Networking Technologies Message Board

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Technology Stocks : Son of SAN - Storage Networking Technologies

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To: D. K. G. who wrote (4490)	3/26/2002 10:42:07 AM
From: jad	Read Replies (1) of 4808

from Lehman's this morning on Brocade: Mgmt Outlines Long-Term Direction 3 - Market Perform / 24.50 (USD) Brocade's `Vision Summit' provided insights toward the company's long-term strategic positioning as well as updates on the current business environment. Brocade held its Vision Summit yesterday. Management indicated that the current quarter is on track to meet or beat current revenue guidance and meet EPS guidance. The company remains comfortable with $10 million in SilkWorm 12000 revenues for the current quarter, with volume shipments to commence in the July quarter. Uncertainty remains around the exact timing of OEM qualifications and the effect on the core business. Increased software sales as a percent of revenues should help support profitability margins as hardware margins erode. The company provided a product roadmap for the next two years, which includes a virtualization switch and a protocol-agnostic switch. At yesterday's close of $24.50, BRCD is trading at 10x EV/02E revenues and over 60x our 2003 EPS estimate.

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