NEW YORK (TheStreet) -- QLogic (QLGC) shares are down -2.08% to $8.93 today after the company's rating was cut to "equal weight" from "overweight," and had its price target lowered from $13 to $10 at Barclays (BCS).
"In March QLogic guided to 30% declines in legacy business and the news from QLogic from the June quarter was not encouraging with regard to the near term," said analysts, "We do not see much room for out performance for QLogic now that its share buyback appears to be on hold..."
TheStreet Ratings team rates QLOGIC CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate QLOGIC CORP (QLGC) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: