Needham & Company Maintains a 'Buy' on Emulex (ELX); Reducing F13 Outlook

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

Analyst, Glenn Hanus, said, "ELX reported a strong F3Q (driven by steep 10GE ramp) and provided F4Q guide essentially in-line with some puts and takes. We are trimming our F13 rev. by about $15M ($10M due to SCP decline, ~$5-7M due to possible constraints on 16G FC tied to sunset product list). Otherwise, business and thesis remains on track but ELX execution on “workaround” will be key." (FY12 EPS estimate raised from $0.78 to $0.82, but FY13 lowered from $0.90 to $0.85)

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 $9.11 yesterday.

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