UPDATE: Goldman Sachs Raises PT on Brocade to $6.25 (BRCD)

Goldman Sachs is out with its report today on Brocade (NASDAQ: BRCD), raising its price target to $6.25.

In a note to clients, Goldman Sachs writes, "Brocade reported a solid top- and bottom-line beat F1Q (Jan), with revenue/non-GAAP EPS at $546.0 mn/$0.12 vs. GS at $542.1 mn/$0.10 and the Street at $543.0 mn/$0.10. For the April quarter, management guided revenue of $545-555 mn, above prior GS/Street at $522.1 mn/$532.1 mn, and EPS of $0.10, above GS/Street at $0.09. We are raising our 12-month price target to $6.25 from $5.50 based on 13X our new CY11 non-GAAP EPS of $0.48 (previous $0.43) on higher revenue."

Goldman Sachs maintains Neutral on BRCD.

At the time of posting, shares of BRCD were trading at $6.64, up 10.30% from Thursday's close.