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To: KevinMark who wrote (75165)	9/27/2002 8:28:02 AM
From: Techplayer	Respond to of 208838

Kevin, In agreement on BRCD down another 10%. BRCM has more difficulties and got included in a downgrade of the comms ICs this morning. they are still expensive. tp

To: KevinMark who wrote (75165)	9/27/2002 9:22:14 AM
From: Techplayer	Respond to of 208838

09:15 ET Brocade target, estimates cut on worsening IT spending (BRCD) 8.33: Morgan Stanley says that IT spending has worsened sequentially from Aug to Sep, and Sep weakness has caused BRCD's Oct qtr to be more back-end loaded than usual; believes that if this softness persists into Oct, then co may have to reassess its FY03 rev/EPS forecast; lowers price target to $15 from $25. Separately, Goldman Sachs cut BRCD's Q4 and FY03 rev/EPS ests in the face of what appears to be an even weaker IT spending environment which in turn is leading to some pushouts in SANs.