The Santa Clara, CA-based computer network provider recently announced it will expand its share repurchase program by $100 million. The expansion increases the value of the existing buyback program announced in July 2007 from $200 million to $300 million.

The networking products maker also recently announced that its first-quarter profit spiked nearly 53 percent on higher U.S. and international sales.

"While Foundry experienced a challenging environment during the first quarter, we still achieved over 10 percent growth year-over-year," President and Chief Executive Bobby Johnson said in a statement.

While there seems to be weakness in overseas markets, the buyback combined with Q1 earnings was enough for Thomas Weisel Partners analyst Jason Ader to raise his price target to $15 from his previous target of $14. That would be a 17% return from Wednesday’s closing price.

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Foundry Networks recently announced a $200 million dollar buyback.

Networking products maker Foundry Networks Inc. said last week its second-quarter profit rose sharply, helped by an increase in sales. It was subsequently upgraded by Sanders Morris Harris and CE Unterberg Towbin.

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Upgraded by Sanders Morris Harris from Hold to Buy
Upgraded by CE Unterberg Towbin from Market Perform to Buy

Capitol gains. bot on break out in Feb. 2007

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