Markets & Finance

Banc of America Ups Extreme Networks, Andrew Corp.

Banc Of America raised its investment recommendation on Extreme Networks (EXTR) and Andrew (ANDW) to buy from neutral.

Analyst Timothy Long believes strong revenues, above market earnings per share growth, and relatively low valuations will lead to a solid fourth quarter for the stocks. He upgraded Extreme Networks based on higher conviction in margin improvements, growth in Ethernet, and partnership traction with key vendors such as Avaya (AV), and Juniper Networks (JNPR). He also thinks new management should stabilize the Japanese business. He upped his $5 target to $6 and upgrades Andrew based on an upward bias to his global wireless capex model, anticipated margin improvement, and valuation. He raised his 47 cents fiscal year 2006 (ending September) earnings per share estimate to 55 cents adn his $10.50 target to $14.

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