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UPDATE: D.A. Davidson Initiates Coverage On QLogic As Ethernet Leads Way To Growth

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In a report published Tuesday, D.A. Davidson analyst Mark Kelleher initiated coverage on QLogic Corporation (NASDAQ: QLGC) with a Buy rating and $17.00 price target.

In the report, D.A. Davidson noted, “We believe QLGC is well-positioned to return to sustainable growth driven by new Ethernet connectivity products, with new storage architectures allowing Fibre Channel connectivity to grow as well. Based on our assumption of a 10% growth rate, a P/E/G ratio of 1.2 (a P/E multiple of 12x) and our calendar 2016 EPS estimate of $1.14, and adding $3.14 per share in cash, we calculate a 12-18 month price target for QLGC of $17. We are initiating coverage of QLogic Corporation with a BUY rating.”

QLogic closed on Monday at $12.68.

Latest Ratings for QLGC

DateFirmActionFromTo
Jul 2016MaintainsEqual-Weight
Jun 2016DowngradesBuyHold
Aug 2015UpgradesHoldBuy

View More Analyst Ratings for QLGC
View the Latest Analyst Ratings

Posted-In: D.A. Davidson Mark KelleherAnalyst Color Initiation Analyst Ratings

 

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