Craig-Hallum upgrades Extreme Networks to Buy on encouraging commentary from Cisco

As previously reported, Craig-Hallum analyst Christian Schwab upgraded Extreme Networks (EXTR) to Buy from Hold with a price target of $14, up from $13. Given the encouraging outlook and commentary from Extreme’s largest competitor, Cisco (CSCO), as they reported earnings yesterday, the firm believes the estimate cuts for Extreme may more than likely finally be over. Cisco said they believe inventory their customers currently have on hand is being steadily deployed and they expect a majority of the excess inventory to be deployed by the end of July.