UPDATE: Goldman Sachs Maintains Neutral, Raises PT to $7 on Emulex

Goldman Sachs reiterates its Neutral rating on Emulex

and raises its price target to $7 from $6.50 on positive pre-announcement of December results. Goldman Sachs says, "Emulex positively preannounced December quarter results, with the company now expecting revenues of $127-128 million and non-GAAP EPS of $0.24-$0.25 versus its prior outlook of $121-$127 million and $0.17-$0.20. The upside was driven primarily by a faster-than-expected recovery from the Thailand flooding, with the company noting that it is now back to full capacity." ELX closed at $7.39 per share on Monday.