Mellanox Technologies (MLNX) PT Lifted 10% at Piper Jaffray

Piper Jaffray Overweight Mellanox Technologies (NASDAQ: MLNX) price target of $55.00 (from $50.00) following better-than-expected Q3 results.

Analyst Andrew Nowinski comments, "Mellanox beat quarterly expectations for the first time since 2Q13 and guided above the Street for the second consecutive quarter. The Grantley refresh cycle is now in full-swing, which management expects to last for 4-6 quarters. Aside from ramping adoption within the HPC segment, management also stated that the refresh cycle is driving spending from Web 2.0/Cloud customers that are moving from 10Gb to 40Gb Ethernet networks. While Q4 guidance was in line with our above-Street estimates and our revenue estimates for 2015 remain unchanged, we are modestly increasing our 2015 EPS on a lower tax rate."

The firm raised FY 2014 EPS from $1.01 to $1.05 and FY 2015 EPS from $1.9 to $2.05.

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 $45.78 yesterday.

You May Also Be Interested In

• Morgan Stanley Upgrades Macquarie Group Ltd. (MQG:AU) (MQBKY) to Overweight
• Sage Therapeutics (SAGE) PT Lowered to $17 at Oppenheimer
• Just Eat Takeaway.com NV (JET:LN) (GRUB) PT Lowered to GBP14.70 at Barclays