Foundry Networks initiated with "buy"

06/11/07 - Janco Partners

NEW YORK, June 11 (newratings.com) – Analyst Cameron Cooke of Janco Partners initiates coverage of Foundry Networks Inc (FDRY) with a "buy" rating. The target price is set to $19.5.

In a research note published this morning, the analyst mentions that the company is well positioned to expand its market share going forward, in view of its recently introduced products. Foundry Networks continues to generate cash, the analyst says. The communications equipment industry is being positively impacted by the resurgence in demand, which might lend support to the company’s growth prospects going forward, Janco Partners adds.