Needham Lifts Target on Mellanox (MLNX) from $69 to $100

July 19, 2012 7:49 AM EDT Send to a Friend
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Price: $43.43 +0.42%

Rating Summary:
    14 Buy, 9 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 27 | Down: 26 | New: 17
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Analysts at Needham & Company boosted the firm's price target on Mellanox Technologies (NASDAQ: MLNX) from $69 to $100 Thursday morning following the company's blow-out Q2 report and the resulting 40-plus percent surge in the stock. Needham maintains a Buy rating.

The firm cited "strong sales of FDR 56Gb/s IB products, healthy HPC, and continuing traction in Web 2.0, datacenter, storage and Cloud. Increased sales of FDR 56Gb/s IB led to higher GM, and coupled with in-line OPEX resulted in significant EPS beat."

Needham is now modeling for Q3 EPS of $1.14, up very sharply from $0.47 previously. The firm's FY12 EPS estimate was raised from $2.20 to $3.66. The FY13 estimate moved from $2.50 to $3.67.

For an analyst ratings summary and ratings history on Mellanox Technologies click here. For more ratings news on Mellanox Technologies click here.


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