UPDATE: FBN Reiterates Sector Perform on Emulex, Reduces PT to $8

FBN reiterated its Sector Perform rating on Emulex

. At the same time, the rating agency reduced its price target on the company's stock from $10 to $8. On Thursday, ELX added 6.46% to its value to finish the day at $7.25. Its shares lost all of yesterday's gains in today's pre-market trading, falling 6.9% to stand around $6.75.