UPDATE: Barclays Downgrades QLogic

In a note released Monday, Barclays downgraded shares of QLogic QLGC from Overweight to Underweight and lowered the price target from $13 to $10.

The downgrade from Barclays comes amid steeper-than-expected declines in the legacy FC business, belief that the company's 16GB opportunity is more likely to unfold in calendar-year 2015 and the appearance that share repurchases will be put on hold as the company "digests" the recent 10GB Ethernet acquisition.

Although the firm sees the 10GB acquisition as a positive, it noted that the stock has limited room for outperformance in the near-term.