Goldman Sachs Downgrades Emulex (ELX) to Sell on Risk/Reward

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Goldman Sachs downgraded Emulex (NYSE: ELX) from Neutral to Sell with a price target of $6.00 (from $7.00).

The firm said risk-reward has worsened over the past year. "Emulex is making the best of a tough market environment, but near-term investment needs, headwinds from macro, and litigation-related risks could cap shareholder value in the near-term," the analyst said.

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 $7.35 yesterday, with a 52 week range of $5.85-$11.19.

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