UPDATE: FBN Securities Lowers PT to $1.90 on Dot Hill

A report from FBN Securities reiterates its Outperform rating and lowers its price target from $3.75 to $1.90 on Dot Hill HILL. The report states, “…lower our price target from $3.75 to $1.90 following its FQ3 miss. We see nearterm risk in the business due to 1.) HDD supply constraints for tier-2 vendors (such as HILL) could negatively impact near-term business, 2.) turmoil at HPQ (which caused most of the FQ3 miss, in our opinion) continuing for the next several quarters, and 3.) execution risk on software and channel expansion, where HILL has so far not realized its goals”. HILL closed yesterday at $1.59.