QLogic Corp.’s “Neutral” Rating Reaffirmed at Zacks (QLGC)
QLogic Corp. (NASDAQ:QLGC)‘s stock had its “neutral” rating restated by Zacks in a report released on Friday, Analyst Ratings Network reports. They currently have a $11.00 price target on the stock. Zacks‘ price objective suggests a potential upside of 3.58% from the company’s current price.
Zacks‘ analyst wrote, “QLogic posted mixed first quarter 2014 results. Although earnings beat the Zacks Consensus Estimate, revenues lagged. Both earnings and revenues declined significantly on a year-over-year basis. The company’s results continue to suffer from the sluggish macro-economic environment. This will continue to hurt server sales in the near term, which drag top-line growth. Increasing competition is also expected to hurt profitability going forward. Nevertheless, we believe that the company will continue to benefit from contract wins from OEM’s in the near term. Moreover, innovative product pipeline, new technologies (Mt. Rainier) and additional savings from its restructuring initiatives will drive profitability going forward. Thus, we maintain our Neutral recommendation on QLogic and set a price target of $11.00. “
QLGC has been the subject of a number of other recent research reports. Analysts at Barclays Capital initiated coverage on shares of QLogic Corp. (NASDAQ:QLGC) in a research note to investors on Wednesday, September 11th. They set an “overweight” rating and a $14.00 price target on the stock. Separately, analysts at Morgan Stanley reiterated a “sell” rating on shares of QLogic Corp. (NASDAQ:QLGC) in a research note to investors on Friday, July 26th. They now have a $9.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of QLogic Corp. (NASDAQ:QLGC) from $11.00 to $11.50 in a research note to investors on Friday, July 26th. They now have an “underweight” rating on the stock. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $11.38.
Shares of QLogic Corp. (NASDAQ:QLGC) traded up 0.19% during mid-day trading on Friday, hitting $10.64. 263,337 shares of the company’s stock traded hands. QLogic Corp. has a 1-year low of $8.63 and a 1-year high of $12.90. The stock has a 50-day moving average of $11.0 and a 200-day moving average of $10.65. The company has a market cap of $933.0 million and a price-to-earnings ratio of 18.86.
QLogic Corp. (NASDAQ:QLGC) last announced its earnings results on Thursday, July 25th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.04. The company had revenue of $113.10 million for the quarter, compared to the consensus estimate of $113.70 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was down 13.3% on a year-over-year basis. On average, analysts predict that QLogic Corp. will post $0.78 earnings per share for the current fiscal year.
QLogic Corporation designs and supplies network infrastructure products that provide and manage computer data communication.
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