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: Joe Wagner who wrote (4785)	6/2/2005 3:34:44 PM
From: stockman_scott	of 4808

Storage Still Packs Strength in Pockets... _____________________ Bear Stearns 383 Madison Ave. New York, NY 10179 (Tel) (212) 272-2000 JUNE 1 – While the overall storage market is relatively mature, growing at mid-single digits, there are pockets of strong growth. Hence, our view is that investor focus should be on vendors positioned to gain share in faster-growing market segments -- EMC (and partner Dell) and Network Appliance. The secular and ongoing theme in storage is the shift from direct-attached storage (DAS) to storage area networks (SAN) and network-attached storage (NAS). Beneficiaries of this shift are the storage-focused vendors such as EMC and Network Appliance, which are positioned to gain share from the traditional server vendors such as Hewlett-Packard and Sun Microsystems. We see EMC and its partner Dell as the beneficiaries of our Darwinian computing thesis about low-cost vendors gaining share. We rate EMC and Dell at Outperform given their potential for strong growth, driven by share gains in faster-growing areas of the market. While we're forecasting strong growth for Network Appliance, we rate the stock Peer Perform owing to valuation. In SAN components, competition from Cisco continues to intensify for Fibre Channel SAN switch vendors Brocade Communications Systems and McDATA. We see QLogic -- rated Outperform -- benefiting from share growth potential in SAN switches. --Andrew Neff BarronsOnline

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