Needham & Company Maintains a 'Buy' on Emulex (ELX); Raising Estimates on Strong F2Q12 Results

Needham & Company maintains a 'Buy' on Emulex (NYSE: ELX) price target raised $1 to $11.50.

Needham analyst says, "ELX is achieving solid growth in 10GbE/converged networking on top of a relatively stable base in fiber channel and storage connectivity products (SCP). ELX has broad design wins in 10GbE including LOM (ie. HP G7), NIC, iSCSI and FCoE. SCP appears relatively stable. ELX has implemented OPEX efficiency plan to improve leverage going forward."

Needham raises FY12 EPS estimate from $0.64 to $0.78 and FY13 from $0.85 to $0.90.

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 $9.27 yesterday.

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