Analyst’s Comment Gives Emulex Stock a 30% Boost
<i> Times Staff and Wire Reports</i>
Emulex Corp.’s stock surged 30% Thursday on news of a favorable rating by an analyst.
The Costa Mesa maker of computer-network connection equipment was raised to “outperform” from “market perform” by analyst Robert Montague at Morgan Keegan & Co.
Montague said the shift to fiber channels is accelerating, and Emulex is a leading supplier of fiber channels.
The stock climbed $2.19 a share to $9.50 on the Nasdaq market. Nearly 151,000 shares were traded, about double the average daily volume over the last three months.
This is the second big daily gain for Emulex shares in the last month. The stock gained 39% on July 18 on a bullish earnings report from a former Emulex unit, QLogic Corp., a maker of computer accessories.
