Goldman Sachs Starts Emulex (ELX) at Neutral; Near-term Macroeconomic Weakness Could Pressure Results

Goldman Sachs initiates coverage on Emulex (NYSE: ELX) with a Neutral. PT $6.00.

Goldman analyst says, "Emulex is a provider of network connectivity solutions for enterprises, most notably in the Fibre Channel HBA space where it shares a virtual duopolistic position with QLogic (Nasdaq: QLGC). While this represents a lucrative business for both companies, the rise of 10GbE and converged networks is presenting the companies with new challenges and opportunities that investors are just beginning to appreciate. Furthermore, we believe that near-term macroeconomic weakness could pressure results and limit upside for Emulex and the sector."

For more ratings news on Emulex click here and for the rating history of Emulex click here.

Shares of Emulex closed at $6.78 yesterday.

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