Foundry Preps Another Wave
It wouldn't be a moment too soon, either, because Sue is hearing Foundry might not have made its revenue targets in January and February. He's lowered his first-quarter revenue estimate to $160 million from $166 million -- putting him below the consensus estimate of $165.6 million reported by Reuters Research . He's keeping an Outperform rating on the stock.
It seems the problem is North American enterprise spending -- the same factor that made Cisco Systems Inc. (Nasdaq: CSCO) push down its forecasts. Juniper Networks Inc. (NYSE: JNPR) says it's not seeing a problem there, but CEO Scott Kriens successfully argues that you shouldn't read much into that.
Foundry shares are down just 19 cents (1.7%) at $11.05, doing pretty well on a day when many tech stocks are plunging.
— Craig Matsumoto, West Coast Editor, Light Reading