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A.G. Edwards Downgrades Emulex

Late Thursday, A.G. Edwards downgraded Emulex Corp. (EMLX) shares to hold from buy.

Analyst Shebly Seyrafi says the downgrade is based strictly on valuation. The analyst notes the shares have exceeded his $40 price target and are now trading in excess of 55 times his $0.77 CY 03 EPS estimate. He would revisit his rating if the shares were to dip below $40.

He continues to believe that EMLX is an outstanding well-positioned company in a rapidly growing market. He views EMLX as a good company with a good story. He believes there are a number of stock catalysts to watch over the next six months.

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