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UPDATE: Piper Jaffray Initiates QLogic Corporation at Neutral on Mt Rainier Caution

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Piper Jaffray initiated coverage on QLogic Corporation (NASDAQ: QLGC) with a Neutral rating and an $11.00 price target.

Piper Jaffray said, "Despite the recent positive pre-announcement, we are not convinced that this momentum will continue into FY14. QLogic continues to lag Emulex in the 10Gb Ethernet space, which we believe is the largest growth opportunity for the company. That said, the valuation is certainly not expensive, particularly with shares trading at ~2x cash. If we are wrong in our initial assessment of Mt Rainier and the company actually experiences modest incremental revenue growth from this product, without affecting the company's existing OEM relationships, then valuation would look much more interesting."

QLogic Corporation closed at $11.05 on Tuesday.

Latest Ratings for QLGC

Aug 2015Summit ResearchUpgradesHoldBuy
Jul 2015BMO CapitalDowngradesOutperformMarket Perform
Jul 2015DA DavidsonDowngradesBuyNeutral

View More Analyst Ratings for QLGC
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Initiation Intraday Update Analyst Ratings


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