UPDATE: Goldman Sachs Upgrades Emulex to Neutral as Shares Approach Price Target

In a report published Tuesday, Goldman Sachs analyst Bill Shope upgraded the rating on Emulex Corporation

from Sell to Neutral, and reiterated the $6.00 price target. In the report, Shope noted, “We are upgrading Emulex to Neutral from Sell and maintaining our 12-month price target of $6. Since we added Emulex to the Sell List on December 2, 2012, the stock has declined 17%, compared with a 15% increase in the S&P 500, and we no longer see enough incremental downside from current levels to warrant a Sell. Over the past 12 months, ELX is down 22% vs. the S&P 500 up 21%.” Emulex Corporation closed on Monday at $6.11.