UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Emulex Corporation
In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Emulex Corporation (NYSE: ELX), but slightly lowered its price target from $7.00 to $6.75.
BMO Capital Markets noted, “The 10GbE market opportunity has been a disappointment for ELX, as well as the industry. We estimate ELX's 10GbE revenue declined by more than 20% q/q in the March Q, and we project a 2% y/y decline in CY2013. Although the HBA business is stable, we remain cautious on the server market, owing to slow enterprise growth, and we project HBA revenue to decline by 1% y/y in CY2013. Further, we believe the new 16Gb target business will ramp in the 2HCY13.”
Emulex Corporation closed on Thursday at $7.64.
Latest Ratings for ELX
|Oct 2014||DA Davidson||Upgrades||Underperform||Neutral|
|May 2014||Summit Research Partners||Downgrades||Buy||Hold|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.