UPDATE: Barclays Downgrades Emulex

In a note released Monday morning, Barclays downgraded shares of Emulex ELX from Equal-weight to Underweight and lowered the price target from $7 to $6.

Despite confidence in Emulex's technology, Barclays commented, "We see limited room for upside in the FC business or the 10GB business and we are not optimistic about the short term for network visibility."

Barclays has cut its fiscal 2015 EPS estimate to $0.60, which the firm noted is above the Thomson Reuters consensus of $0.45.