Market Overview

UPDATE: FBN Securities Upgrades Silicon Graphics International to Outperform

Share:
Related SGI
Worst Performing Industries For January 30, 2015
Worst Performing Industries For October 7, 2014
SGI tumbles after downgrade arrives (Seeking Alpha)

FBN Securities raised its rating on Silicon Graphics International (NASDAQ: SGI) from Sector Perform to Outperform and increased its price target from $8 to $11.

FBN Securities noted, "The company just reported EPS and GM above consensus for FQ4/June, and it is guiding revenue and EPS better than expected for FQ1/Sept. We think that the company is starting to stabilize from multiple moving parts (low-margin deals, Europe [where there was a 25% headcount reduction action recently], management transitions). Furthermore, with a UV2 rationalization in opex to $43-45M/quarter by the end of F2013/June from $48M in the recent quarter, and with the purging of all of the $87M in low-margin deals by the end of F2013, the company can experience material operating expansion."

Silicon Graphics International closed at $6.82 on Wednesday.

Latest Ratings for SGI

DateFirmActionFromTo
Sep 2014DA DavidsonUpgradesNeutralBuy
Nov 2013DA DavidsonInitiates Coverage onNeutral
Oct 2013FBN SecuritiesDowngradesOutperformSector Perform

View More Analyst Ratings for SGI
View the Latest Analyst Ratings

Posted-In: FBN SecuritiesAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Related Articles (SGI)

Around the Web, We're Loving...

Get Benzinga's Newsletters