Actionable news
All posts from Actionable news
Actionable news in BRCD: Brocade Communications Systems, Inc.,

Brocade (BRCD) Stock Drops, JPMorgan Reduces Price Target on Q4 Outlook

NEW YORK (TheStreet) -- Shares of Brocade Communications (BRCD) were falling 13.57% to $9.04 in mid-morning trading on Friday following the San Jose, CA-based company's weak fourth-quarter earnings forecast.

After yesterday's market close, Brocade reported 2016 third quarter earnings and revenue that were above analysts' projections, but provided a light fourth-quarter earnings outlook.

JPMorgan consequently cut its price target to $8.50 from $10 on the stock.

The firm said the company had a "disappointing quarter" and that the "lone bright spot" in its earnings was Ruckus' higher-than-expected revenues of $73 million, TheFly reports. Brocade acquired the Sunnyvale, CA-based wireless company Ruckus for approximately...