Cantor Fitzgerald initiates its rating on Xyratex XRTX with a Hold rating and a price target of $12 a share.
Cantor Fitzgerald notes, "We are initiating coverage on Xyratex shares with a HOLD rating and $12 price target, or an expected +12% return including dividend yield. While the shares appear inexpensive if we were to assume now is the cycle trough, we view there to be too many obstacles impeding a recovery with the market -- the latter of which remains in doubt. This view is reflected in our below-consensus estimates from 3Q:12E forward."
XRTX closed at $10.98 on Monday.
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