Needham & Company Trims Price Target on Emulex (ELX)

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Needham & Company analysts reiterated a Buy rating on Emulex (NYSE: ELX) but trimmed their price target to $9.00 (from $11.50). Emulex creates enterprise-class products that intelligently connect storage, servers and networks.

ELX reported F4Q revenue above Street with strength in legacy products partially offset by Network Connectivity (NCP- 10GE, FC) modestly below our model, noted today’s analyst report by Glenn Hanus.

“F4Q EPS handily beat street on disciplined OPEX and lower legal. Given well known macro factors, F1Q guide looks encouraging for core NCP business (10GE up q/q with FC flat to down 2%ish). Normal seasonal strengthening expected for F2Q,” said Hanus.

“Overall, business/execution appears on track with time to market lead in 16G FC and 10GE ramping albeit at more modest pace. We expect ELX’s core biz (NCP) to grow ~ 8% in F13 partially offset by legacy products,” he added.

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

Shares of Emulex closed at $7.10 yesterday, with a 52 week range of $5.85-$11.19.

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