UPDATE: Morgan Keegan Lowers PT on QLogic to $19

Morgan Keegan is out with its report today on QLogic (NASDAQ: QLGC), lowering its PT from $21 to $19.

In its report, Morgan Keegan writes, "We are adjusting our estimate for March 2012 to $1.33/$596.4 million versus our prior expectations of $1.43/$620.5 million. We continue to find shares of QLGC attractive at a current valuation of 10.5x and an ex-cash and interest multiple of 7.8x our March 2012 estimate of $1.33. Lowering PT to $19."

Morgan Keegan maintains Outperform on QLGC.

Shares of QLGC closed Thursday at $14.07, up 3.84% from Wednesday's close.