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RBC Capital Upgrades Emulex to 'Outperform'

RBC Capital upgraded Emulex (ELX) to outperform from sector perform.

Analyst Robert Montague says additional channel data suggests an accelerating demand picture for the company's key original equipment-manufacturer customers, and he's seeing strong evidence of Emulex's key original equipment-manufacturer customers -- IBM particularly -- picking up into the calendar year-end. He notes Emulex is likely to provide additional color on business trends following the closure of the Vixel acquisition.

Montague is keeping the 94 cents fiscal 2004 (June), and the $1.10 fiscal 2005 earnings per share estimates, but he believes upside to his short-term estimates is likely. He notes Emulex traditionally enjoyed one of the strongest December-quarter patterns due to large high-end projects. He raised the $24 12-month target to $33.

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