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Monday, September 16, 2002 1:34:53 PM
13:26 ET Brocade slips to new 52-week low (BRCD) 11.47 -0.86: Storage sector name has broken down to a new 52-week low today. Possibly contributing to weakness in the stock is a Merrill Lynch morning note raising concerns about competitive and IT spending issues in the storage sector. Issues led Merrill to trim its FY03 est on BRCD to $0.51 from $0.53, which still leaves firm above the current Multex consensus of $0.50. Based on the new estimate, Merrill believes BRCD has upside potential to the $29 area.
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