NEW YORK (AP) - A Jefferies analyst downgraded Emulex Corp. shares on Wednesday, saying expectations are “likely too high” for the second half of the year for the data storage equipment maker.
Analyst Munjal Shah downgraded Emulex to “Hold” from “Buy” and lowered his target price to $10 from $12.
A successful second half of the year, he said, depends on several factors, including robust server shipments and timely launches of new servers from IBM and other companies. But data coming from the server markets is mixed, Shah said.
Citing research firm Gartner Inc., the analyst said server shipments declined 5 percent quarter-over-quarter in the March quarter due to seasonality, but were “surprisingly flat” in the second quarter.
By Andrew P. Napolitano
The president's men trash the Constitution to pursue antagonists
Independent voices from the TWT Communities
Find up-to-date information on the D.C. and Baltimore live music scenes and read interviews with artists and reviews of the latest releases and concerts.
Doni Kandel shares his self-prescribed cocktail of humor and hard-nosed honesty required to remain a passionate and sane conservative and Zionist in today's tumultuous world.
Benghazi: The anatomy of a scandal
13 Photos
Vietnam Memorial adds four names
18 Photos
Cinco de Mayo on the Mall
11 Photos
NRA kicks off annual convention
8 Photos
