UPDATE: Nomura Initiates Coverage on Mellanox Technologies on Good Market Position

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In a report published Wednesday, Nomura analyst Sanjay Chaurasia initiated coverage on

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Mellanox Technologies

(NASDAQ: MLNX) with a Buy rating and $48.00 price target.In the report, Nomura noted, “Mellanox is trading below its 3-year average valuation due to a decline in the high-performance computing (HPC) market, and concerns over a competitive threat from Intel. But we think that Mellanox remains well positioned in the low-latency server interconnect space and that the HPC market is turning. Also, the market may be overly concerned about the perceived threat from Intel. Based primarily on an uptick in HPC (80% of sales), and other areas of incremental growth, our CY14 and CY15 earnings estimates are 6% and 20% above consensus, respectively.”Mellanox Technologies closed on Tuesday at $37.39.