QLogic shares slip after Canaccord Adams downgrades on stock priceBy AP
Thursday, April 8, 2010
QLogic shares slip after Canaccord Adams downgrade
NEW YORK (AP) — Shares of QLogic Corp. fell Thursday after Canaccord Adams downgraded the network equipment maker, predicting the stock won’t climb much higher until later in the year.
Shares slipped 62 cents, or 3 percent, to $20.19 in afternoon trading.
In a note to investors, Canaccord Adams analyst Paul Mansky cut his rating to “Hold” from “Buy.”
He said QLogic is still among the strongest performers in its sector and the company’s financial projections for the quarter ending in June should match Wall Street estimates.
But he said he doesn’t see the company’s stock breaking through his price target of $21.50 until it starts surpassing those estimates, which he doesn’t expect will happen until later quarters.