UPDATE: UBS Cuts Mellanox (MLNX), Possible Selling by Israeli ETFs
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Price: $124.89 --0%
Rating Summary:
17 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 24
Rating Summary:
17 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 24
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(Updated - May 31, 2013 10:01 AM EDT)
UBS downgraded Mellanox Technologies (NASDAQ: MLNX) from Buy to Neutral with a price target of $57 (from $68). Analyst Steven Milunovich expressed concern about selling by Israeli ETFs.
"Mellanox said it will delist from the TASE with shares transferring to the NASDAQ over the next 90 days. The company said the reason for delisting is to reduce expenses and deal with one rather than two regulators—it pointed out that dual listing is not common for Israeli technology companies. Our concern is that some 20-25% of the shares are held in Israel, which could prompt selling by Israeli ETFs and funds that may exit due to their charters and some individual selling," said Milunovich.
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 closed at $55.93 yesterday.
UBS downgraded Mellanox Technologies (NASDAQ: MLNX) from Buy to Neutral with a price target of $57 (from $68). Analyst Steven Milunovich expressed concern about selling by Israeli ETFs.
"Mellanox said it will delist from the TASE with shares transferring to the NASDAQ over the next 90 days. The company said the reason for delisting is to reduce expenses and deal with one rather than two regulators—it pointed out that dual listing is not common for Israeli technology companies. Our concern is that some 20-25% of the shares are held in Israel, which could prompt selling by Israeli ETFs and funds that may exit due to their charters and some individual selling," said Milunovich.
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 closed at $55.93 yesterday.
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