9:59AM QLogic cut to Underperform at Piper Jaffray; target $20 (QLGC) 39.87 -1.96: USB Piper Jaffray downgrades to Underperform from Mkt Perform based on valuation and decelerating revenues; firm notes that QLGC's mkt cap is over 4x the estimated HBA mkt opportunity of $870 mln in 2004, and the co (and ELX) face a big threat from INTC if CSCO endorses iSCSI; price target is $20.