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UPDATE: Clal Finance Downgrades Mellanox Technologies to Market Perform Post Sell-Off

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Clal Finance reduced its rating on Mellanox Technologies (NASDAQ: MLNX) and removed its previous $115 price target.

Clal Finance noted, "Despite the sharp sell off in the stock, we are downgrading our recommendation to Market Perform, from Buy, and withdrawing our price target (previously $115) following the severe warning regarding Q4 revenues and the concern that the weakness will continue in the coming quarters. In our opinion, the current weakness in Mellanox is linked to the marco environment and doesn't change Mellanox's technological differentiation, and what are its main growth drivers – Cloud Computing, Web 2.0 and Data Storage."

Mellanox Technologies closed at $52.31 on Friday.

Latest Ratings for MLNX

DateFirmActionFromTo
Jul 2016Pacific CrestInitiates Coverage onSector Weight
Jun 2016Summit Redstone PartnersInitiates Coverage onBuy
May 2016Brean CapitalInitiates Coverage onBuy

View More Analyst Ratings for MLNX
View the Latest Analyst Ratings

Posted-In: Clal FinanceAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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