Auriga Maintains Sell Rating and $7 PT on STEC

A report from Auriga reiterates its Sell rating and $7 price target on STEC (NASDAQ: STEC).

The report states, “STEC reported a solid quarter, but guided down substantially, suggesting our negative thesis is playing out even faster than we expected. We believe the Enterprise SSD space will be a very high growth technology segment over the next 3-5 years, but we believe that large new entrants are likely to drive most of the adoption at storage and server OEMs."

STEC closed yesterday at $11.70.