BMO Capital Maintains a 'Market Perform' on Xyratex (XRTX); Cutting Numbers on Weakness in Storage
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Price: $2.16 -1.37%
Rating Summary:
2 Buy, 7 Hold, 0 Sell
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Today's Overall Ratings:
Up: 5 | Down: 4 | New: 6
Rating Summary:
2 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 6
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BMO Capital maintains a 'Market Perform' on Xyratex (NASDAQ: XRTX) price target of $12.00 (from $15.00).
Analyst, Keith Bachman, said, "XRTX attributed the weakness in Storage in the 2HFY12 to NTAP; however, we believe the softness is across XRTX's storage customers. For the May quarter, NetApp's (Nasdaq: NTAP) revenue contribution was ~$14 million higher than our estimate, while non-NTAP revenues were ~$17 million below our estimate. Although we are lowering our 2HFY12 revenue assumptions for NTAP, this is off a higher base in the May quarter. Further, we are also lowering our non-NTAP revenue estimates in the 2HFY12, compared with lower revenues in the May quarter."
Bachman cuts FY13 EPS estimate from $1.85 to $1.53.
For an analyst ratings summary and ratings history on Xyratex click here. For more ratings news on Xyratex click here.
Shares of Xyratex closed at $11.72 yesterday.
Analyst, Keith Bachman, said, "XRTX attributed the weakness in Storage in the 2HFY12 to NTAP; however, we believe the softness is across XRTX's storage customers. For the May quarter, NetApp's (Nasdaq: NTAP) revenue contribution was ~$14 million higher than our estimate, while non-NTAP revenues were ~$17 million below our estimate. Although we are lowering our 2HFY12 revenue assumptions for NTAP, this is off a higher base in the May quarter. Further, we are also lowering our non-NTAP revenue estimates in the 2HFY12, compared with lower revenues in the May quarter."
Bachman cuts FY13 EPS estimate from $1.85 to $1.53.
For an analyst ratings summary and ratings history on Xyratex click here. For more ratings news on Xyratex click here.
Shares of Xyratex closed at $11.72 yesterday.
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