UPDATE: Cantor Fitzgerald Reduced PT to $10.50 on Xyratex on Downside Risk

Cantor Fitzgerald reiterated its Hold rating on Xyratex

and lowered its price target from $11.50 to $10.50. Cantor Fitzgerald noted, "We believe Xyratex's served markets remain in flux, which, coupled with company- and customer-specific transitions, leaves earnings predictability uncomfortably low. Valuation is discounting a mid-cycle environment, but with further downside risk to consensus (Factset) over the next 1-2 quarters a BUY thesis appears premature." Xyratex closed at $9.25 on Thursday.