8:32AM First Albany initiates coverage of IT hardware & storage infrastructure : First Albany initiates coverage of IT hardware & storage infrastructure sectors. The firm believes IT spending will continue to improve, although near-term growth rates may be lower than expected, due to secular dynamics and fundamental structural changes within these industries. Growth in networked storage will likely continue to outpace that of other sectors, while the migration from hardware to software and services should continue for the foreseeable future... The firm starts coverage on 12 stocks: Apple Computer (AAPL Neutral), Brocade (BRCD Neutral), Dell (DELL Buy, $40 tgt), EMC (EMC Neutral), Gateway (GTW Underperform), Hewlett-Packard (HPQ Neutral), IBM (IBM Buy, $102 tgt), Ingram Micro (IM Neutral), McDATA (MCDTA Buy, $10 tgt), Network Appliance (NTAP Neutral), Sun Micro (SUNW Underperform), and Tech Data (TECD Neutral).
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