Market Overview

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

Related QLGC
Dow Breaks Four-Day Losing Streak As Calm Restores Last Week's Jittery Market
UPDATE: Barclays Downgrades QLogic

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

DateFirmActionFromTo
Aug 2014BarclaysDowngradesOverweightEqual-weight
Jul 2014BarclaysMaintainsOverweight
Jul 2014Morgan StanleyUpgradesUnderweightEqual-weight

View More Analyst Ratings for QLGC
View the Latest Analyst Ratings

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

 

Related Articles (QLGC)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters