Needham & Company Trims Price Target on Mellanox (MLNX), Sticks With Buy Rating
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Price: $124.89 --0%
Rating Summary:
17 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 21 | New: 20
Rating Summary:
17 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 21 | New: 20
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Needham & Company trimmed its price target on Mellanox Technologies (NASDAQ: MLNX) from $120 to $115 after Q3 results and Q4 guidance but kept its Buy rating.
"MLNX reported 3Q12 rev. slightly above Street on recurring tailwinds of higher FDR 56Gb/s IB sales, large deals from pent-up Romley demand, and continued traction in HPC, Web 2.0, Cloud, and Storage," analyst Glenn Hanus comments. "With GM in line, EPS beat was primarily due to lower OPEX. MLNX expects no pentup Romley-related large deals in 4Q and issued slightly weaker guide of $145-150M vs. Street’s $156.7M. Although disappointing, mgmt. remains comfortable with ~$150M rev. baseline, sees healthy traction into new markets, and is committed to solid EPS growth."
For an analyst ratings summary and ratings history on Mellanox Technologies click here. For more ratings news on Mellanox Technologies click here.
Shares of Mellanox Technologies are down 21 percent today to $77.02.
"MLNX reported 3Q12 rev. slightly above Street on recurring tailwinds of higher FDR 56Gb/s IB sales, large deals from pent-up Romley demand, and continued traction in HPC, Web 2.0, Cloud, and Storage," analyst Glenn Hanus comments. "With GM in line, EPS beat was primarily due to lower OPEX. MLNX expects no pentup Romley-related large deals in 4Q and issued slightly weaker guide of $145-150M vs. Street’s $156.7M. Although disappointing, mgmt. remains comfortable with ~$150M rev. baseline, sees healthy traction into new markets, and is committed to solid EPS growth."
For an analyst ratings summary and ratings history on Mellanox Technologies click here. For more ratings news on Mellanox Technologies click here.
Shares of Mellanox Technologies are down 21 percent today to $77.02.
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