UPDATE: Stifel Reiterates on Mellanox Technologies Ltd. on Results/Guidance Miss, Position for Accelerated Growth
In a report published Thursday, Stifel analyst Kevin Cassidy reiterated a Buy rating on Mellanox Technologies Ltd. (NASDAQ: MLNX), but lowered the price target from $63.00 to $55.00.
In the report, Stifel noted, “Mellanox' results and guidance missed our below-consensus estimates. While this is clearly a disappointment, we believe the company's end-to-end high-performance networking solutions are poised for accelerated growth in 2014. In particular, we expect Mellanox can gain market share in the broader Ethernet markets that previously the company could not fully address. We maintain our Buy rating.”
Mellanox Technologies Ltd. closed on Wednesday at $38.00.
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