UPDATE: Wunderlich Securities Initiates Cray at Hold on Valuation

Wunderlich Securities initiated coverage on Cray

with a Hold rating and a $15 price target. Wunderlich Securities said, "Historically known primarily as a supercomputer vendor, the company has made recent efforts to broaden its portfolio and pursue additional opportunities around mid-range HPC, Big Data, and Parallel Storage. Though we believe the company stands to gain additional share in the high-end HPC space, we are initiating coverage with a Hold rating given the proximity of current share levels to our price target and as we monitor for progress in new markets and operating leverage." Cray closed at $13.08 on Monday.