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According to a research report published this morning, Sterne Agee has downgraded Silicon Graphics International
SGI from Buy to Neutral.
In the report, Sterne Agee commented, "We are moving to the sidelines on SGI as the turnaround on the GM front is now a 9-12 month endeavor, far longer than we had anticipated. We do understand that there is a strong valuation case for the stock in the $8-9 level but don't see any immediate catalysts as management works through these lower GM deals and has turned the stock into a classic 2H story."
Silicon Graphics closed yesterday at $9.09.
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