AG Edwards cut its investment rating on tech storage area network providers Brocade Communications (BRCD ), QLogic (QLGC ) and Emulex (EMLX ) to buy from strong buy.
Analyst Shebly Seyrafi says the comapnies have made significant moves in last three weeks; all up well over 100%. She believes there are lingering customer issues, and the capital spending environment remains challenging. She adds it's a good time to lighten up on the ratings a bit. She maintains her price targets for the stocks, $29 for Brocade, $30 for Emulex, and $45 for QLogic.