Piper Jaffray Upgrades Mellanox Technologies (MLNX) to Overweight

Piper Jaffray upgraded Mellanox Technologies (NASDAQ: MLNX) from Neutral to Overweight with a price target of $50.00 (from $40.00).

Analyst Andrew Nowinski cited their " belief that the company is well-positioned to capitalize on the Grantley upgrade cycle, which should drive revenue and earnings growth for the next 4-6 quarters."

He added, "Since downgrading the shares in July 2013, the stock has declined 11% (NASDAQ +25%). However, we believe now is the time to own the stock on the heels of what we believe is a sustainable 4-6 quarter growth cycle, which should lead to operating margin expansion and strong earnings 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 closed at $42.58 yesterday.

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