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Merrill Upgrades QLogic to Buy

Merrill Lynch upgraded QLogic (QLGC) to buy from neutral.

Analyst Shebly Seyrafi says he upgraded for many reasons. He thinks the shares are fairly valued at $30. He believes rival Emulex's comments at an investor conference likely led to reflexive selling of QLogic.

Seyrafi says the quarter appears to be tracking as key original equipment manufacturers such as Hewlett Packard and Sun Microsystems appear to be pulling "normally" from their hubs, while his channel checks suggest flattish growth in the channel. Therefore, he thinks the OEM part of business will drive growth this quarter.

Now that the first quarter (usually the riskiest) is over, he thinks investors will be more carefully focused on prospects for calendar 2004, which is the seasonally strongest quarter.

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