QLogic Corporation (QLGC): Price defines bullish 'pennant' formation

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QLogic Corporation (QLGC): Price defines bullish 'pennant' formation
Jul 11, 2008 01:49 PM UTC

Larry Schutts

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Symbol	Sentiment	Start	Return	Closed
QLGC		07/11/08	+17.99%	--
CSCO	n/a
IBM	n/a
HPQ	n/a

Via BloggingStocks:

Filed under: Analyst upgrades and downgrades, Good news, Cisco Systems (CSCO), Hewlett-Packard (HPQ), International Business Machines (IBM), Technical Analysis, Stocks to Buy

QLogic Corporation (NASDAQ: QLGC) provides the controller chips, host adapters, fabric switches and management software used by storage area networks. Products include fiber channel and iSCSI host bus adapters, InfiniBand host channel adapters, fiber channel switches, InfiniBand switches, and storage routers for bridging fiber channel and iSCSI networks. Customers include Cisco Systems (NASDAQ: CSCO), Hewlett-Packard (NYSE: HPQ) and IBM (NYSE: IBM).

The firm pleased investors earlier in the week, when it boosted its fiscal Q1 EPS guidance from 26-28 cents to 30-31 cents and its Q1 revenue view from $154-$158 million to $166-$168 million. The new ranges topped consensus Street estimates of 27 cents and $156.40 million. Caris & Company subsequently improved its rating on the issue to "above average" and raised its price target to $18.

Continue reading QLogic Corporation (QLGC): Price defines bullish 'pennant' formation

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