Merrill Lynch Upgrades Emulex Corp. to “Buy” (ELX)
Emulex Corp. (NYSE:ELX) was upgraded by Merrill Lynch from a “neutral” rating to a “buy” rating in a research note issued on Thursday, Analyst Ratings.Net reports.
Emulex Corp. (NYSE:ELX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.03. The company had revenue of $114.80 million for the quarter, compared to the consensus estimate of $111.60 million. During the same quarter last year, the company posted $0.19 earnings per share. Emulex Corp.’s revenue was down 3.8% compared to the same quarter last year.
A number of other firms have also recently commented on ELX. Analysts at Bank of America Corp. upgraded shares of Emulex Corp. from a “neutral” rating to a “buy” rating in a research note to investors on Thursday. They now have a $8.50 price target on the stock, up previously from $5.75. Separately, analysts at Zacks downgraded shares of Emulex Corp. from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday. They now have a $8.50 price target on the stock. Finally, analysts at Edison Investment Research initiated coverage on shares of Emulex Corp. in a research note to investors on Friday, December 20th. They set a “positive” rating on the stock. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $7.94.
Emulex Corporation (NYSE:ELX) is a provider of a range of network convergence solutions that connect servers, storage, and networks within the data center.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.