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UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Emulex Corporation

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In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Emulex Corporation (NYSE: ELX), but slightly lowered its price target from $7.00 to $6.75.

BMO Capital Markets noted, “The 10GbE market opportunity has been a disappointment for ELX, as well as the industry. We estimate ELX's 10GbE revenue declined by more than 20% q/q in the March Q, and we project a 2% y/y decline in CY2013. Although the HBA business is stable, we remain cautious on the server market, owing to slow enterprise growth, and we project HBA revenue to decline by 1% y/y in CY2013. Further, we believe the new 16Gb target business will ramp in the 2HCY13.”

Emulex Corporation closed on Thursday at $7.64.

Latest Ratings for ELX

Oct 2014DA DavidsonUpgradesUnderperformNeutral
Aug 2014BarclaysDowngradesEqual-WeightUnderweight
May 2014Summit Research PartnersDowngradesBuyHold

View More Analyst Ratings for ELX
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Posted-In: BMO Capital MarketsAnalyst Color Price Target Analyst Ratings


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