Mellanox Technologies reiterated as a Buy at Summit Research ahead of earnings

Summit Research on Monday reiterated Mellanox Technologies

as a Buy with a price target of $56 a share due to an improving revenue outlook. Analysts at Summit Research wrote, “We expect the company to meet consensus estimates and provide an outlook that will be in line with consensus. Mellanox revenue will be driven by the Intel Grantley processor refresh as many HPC customers (50-60% of revenue) were waiting for the launch of the processor.” The firm also increased Mellanox Technologies' fourth quarter earnings per share estimate to $0.44 from $0.43. Shares of Mellanox Technologies recently traded at $45.72, down 0.08%.