Needham & Company Cuts Price Target and Estimates on QLogic (QLGC); Timing Is Everything

Needham & Company maintains a 'Buy' on QLogic (NASDAQ: QLGC) price target lowered from $21 to $19.

Analyst, Glenn Hanus, said, "QLGC reported a slight revenue miss with in-line EPS in F4Q due to timing issues with OEM platform launches tied to Romley. F1Q guide was below Street as volume shipments by some OEMs will not commence until later in the quarter. However, QLGC appears more positive on strength by F2Q. In addition, three initiatives should begin ramping in F4Q, contributing to stronger growth in C13/F14." (FY13 EPS estimate cut from $1.46 to $1.20)

For an analyst ratings summary and ratings history on QLogic click here. For more ratings news on QLogic click here.

Shares of QLogic closed at $16.86 yesterday.

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