Facebook to Lift Trump Suspension Tesla Breaks Sales Record Razer Edge Game Handheld MoviePass Beta 'Succession' Season 4 Trailer 'Poker Face' Review This Robot Can Liquify Mental Health Exercises
Want CNET to notify you of price drops and the latest stories?
No, thank you

Brocade jumps after analyst sets &#034buy&#034 ratings

Brocade Communications moved up $16.50, or 8 percent, to $224.44 Tuesday after Merrill Lynch started the stock with near-term and long-term "buy" recommendations.

Brocade (Nasdaq: BRCD) makes fiber channel switches and software for storage area networks.

Its success Tuesday gave a boost to competitors Emulex (Nasdaq: EMLX), up $15.31 to $139 and QLogic (Nasdaq: QLGC), up $6.69 to $94.

In its latest quarter, Brocade flew past analysts' estimates, earning $20.1 million, or 16 cents a share, on sales of $92 million.

First Call Corp. consensus expects Brocade to earn 20 cents a share in its fourth quarter and $1.05 a share in fiscal 2001.

The stock stormed up to a 52-week high of $267.44 earlier this month after falling to a low of $55.06 in December.

Fifteen of the 17 analysts tracking the stock rate it either a "buy" or "strong buy."