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Citigroup Ups Emulex to Buy

Citigroup upgraded Emulex (ELX) to buy from hold, after the company's negative third quarter preannouncement sent shares down almost 5% in aftermarket to $16.

Analyst Paul Mansky says the company cited timing associated with the ramp up of its 4Gb products at two key Original Equipment Manufacturers. He believes the first half of 2006 represents a trough, leaving limited downside for the stock. He says that with Wednesday's wider-than-expected miss, he now thinks Emulex is set for both estimate and multiple expansion over the next several quarters. He sees product transitions at key customers subsiding along with new program wins in 4Gb, blades, and Linux. He raises his $18.59 stock price target to $19.50.

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