Blue Coat Systems (NASDAQ:BCSI) Ready to Move Forward?

After a series of blunders, it looks like Blue Coat Systems (NASDAQ:BCSI) has worked out the kinks and is poised for a solid 2011.

FBR said, "Our F3Q11 (January) mid-quarter checks on Blue Coat continue to support our recovery story thesis on the name, as we believe the combination of the company’s revamped go-to-market strategy and selling into healthy end markets (security/WAN optimization) should pay dividends for investors in 2011. While we recognize the risk of continued execution headwinds (particularly in EMEA), we believe the company has learned from its recent missteps from over the past few quarters and is now attacking both the security and WAN optimization opportunities with a clearly improved channel presence across geographies.

"While our FY11 estimates of $500.4 million and $1.55 remain unchanged, we are increasing our FY12 estimates to $547.2 million and $1.70 from $542.4 million and $1.67."

FBR Capital reiterates an "Outperform" rating on Blue Coat Systems, which closed Thursday at $29.91, up $2.20, or 7.94 percent. They have a price target of $32 on them.