UPDATE: Stifel Nicolaus Raises PT to $93 on Mellanox Technologies on Impressive Results and Outlook

Stifel Nicolaus reiterated its Buy rating on Mellanox Technologies (NASDAQ: MLNX) and raised its price target from $70 to $93.

Stifel Nicolaus commented, "We believe Mellanox' results and outlook show the high performance computing, Cloud and storage markets continue to adopt the highest speed networks available. In our view, Mellanox may continue to gain market share and outgrow its combined target markets over the next several years though we expect there may be some revenue lumpiness compared with our estimates based on various Supercomputing deployments. We are maintaining our Buy rating and increasing our estimates and 12-month price target to $93."

Mellanox Technologies closed at $66.38 on Wednesday.

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