Oscar Gruss Initiates Coverage on Mellanox (MLNX) with a Hold
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Oscar Gruss initiates coverage on Mellanox (Nasdaq: MLNX) with a Hold. Price target $9.50.
Oscar analyst says, "We view Mellanox as an attractive growth play but remain neutral on the stock due to challenging CapEx environment. Our price target derives from a weighted calculation comprising DCF valuation of $11.00 and peer’s 2009 P/E projection of $7.00. Investment Catalysts. (1) A sooner than expected recovery in IT spending would help Mellanox return to significant double digit growth rates (2) Topping 10% market share in the up-and-coming 10GigE market would represent a meaningful milestone (3) New switch and/or gateway business succeed to yield substantial sales (4) HP (NYSE: HPQ)/ Oracle’s (Nasdaq: ORCL) recognition of Infiniband could attract additional interest in the technology, exceeding Mellanox’s revenues in the yet untapped Enterprise Data Center market."
Mellanox Technologies, Ltd. is a supplier of semiconductor-based, high-performance interconnect products that facilitate data transmission between servers, communications infrastructure equipment and storage systems.
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