Goldman Sachs Downgrades QLogic (QLGC) to Sell, Sees Risk to FY13 Targets

Goldman Sachs downgraded QLogic (NASDAQ: QLGC) from Neutral to Sell with a price target of $8.00 (from $11.00).

While the stock is down 36.8% ytd versus 3.6% for the group, the firm expects continued relative underperformance.

"In particular, we see risk to FY2013 targets, which were issued at the company's analyst day in September," the firm said. "We believe that deteriorating macro conditions since this meeting have made it considerably tougher for the company to meet these targets. Furthermore, we believe that consensus FY2013 estimates still largely reflect full year guidance."

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 $9.48 yesterday.

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