Blue Coat (NASDAQ:BCSI) Seems to be Settling Down Finally

Blue Coat Systems (NASDAQ:BCSI), after a series of blunders, seems to finally be settling down under the hand of new President and CEO Michael Borman.

FBR Capital said they see improvement for the company in 2011, and maintain an "Outperform" rating on them.

FBR said, "In light of Blue Coat's recent missteps over the past few quarters, we would characterize the performance in the quarter/guidance as respectable and is a step in the right direction. Importantly, it seems the recently minted CEO Mr. Borman has helped calm the troops in the field, as execution issues in the much maligned EMEA region appear to have been identified/resolved and should improve during the course of FY11. With Blue Coat taking its medicine and smoothing out its channel presence across geographies, we strongly believe this company is back on the road to recovery based on what we hear from the field."

Blue Coat was trading at $26.66, falling by $0.44, or 1.62 percent at 3:59 PM EST Friday. FBR raised their price target on them from $24 to $29.