Needham & Company Maintains a 'Buy' on Quantum Corp. (QTM); Strong Disk/Software, But Overall Results Mixed

Needham & Company maintains a 'Buy' on Quantum Corp. (NYSE: QTM) price target of $3.25.

Analyst, Glenn Hanus, said, "QTM reported F4Q at low end of guide (slightly below Street) due to macro issues in Europe limiting ability to close larger tape deals. However, DXi/Stornext grew q/q, exceeding expectations. F13 outlook in line with Street, albeit revenue slightly more weighted to F2H. Overall progress appears choppy but QTM continues to make progress on its initiatives to ramp recently introduced disk/software products and improve channel/sales execution." (FY13 EPS estimate trimmed from $0.16 to $0.14 and revs cut from $691.0 mln to $680.0 mln)

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

Shares of Quantum Corp. closed at $2.14 yesterday.

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