AG Edwards Cuts Storage Area Network Providers

Analyst lowers Brocade Communications, QLogic and Emulex to buy from strong buy

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.

Before it's here, it's on the Bloomberg Terminal.