Sterne Agee has published a research report on Silicon Graphics SGI after the company announced that its CEO Mark Barrenechea will resign.
In the report, Sterne Agee writes, "Resignation of Mark Barrenechea will obviously create some near-term headwind, but in our view the products and the end markets SGI are serving have always been the reason to own the stock. We don't see this as a step back on the fundamentals and would be buyers of the stock on the pullback (with the understanding that until a new CEO is
announced there will be some obvious market concerns that will need to be addressed after the December quarter is announced)."
Sterne Agee maintains its Buy rating and $22 price target on Silicon Graphics, which is currently trading down $2.42 from yesterday's $14.03 closing price.
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