UPDATE: ISI Group Downgrades Brocade Communications Systems as Original Upgrade Thesis is Largely Played Out

In a report published Monday, ISI Group analyst Brian Marshall downgraded the rating on Brocade Communications Systems (NASDAQ: BRCD ) from Buy to Neutral, but reiterated the $9.00 price target. In the report, ISI Group noted, “Recall we upgraded BRCD to a BUY rating (from NEUTRAL) on June 6th based