Xyratex: Color On Quarter (XRTX) 26.11 : Several firms positive on XRTX following strong results the co put out last night.... Banc of America raising their tgt $33 from $27 noting they continue to like XRTX as firm's top small-cap pick, and while valuation has moved up a bit, they believe new target multiple of 14x is reasonable given secular and product catalysts that should allow XRTX to meet/exceed firm's new CY07 EPS est of $2.40. XRTX's Feb quarter results and May quarter guidance were quite frankly stronger than anything the firm could have anticipated, even considering the very strong fundamental backdrop of the drive industry and business strength at Network Appliance (NTAP).... RBC raising their tgt to $29 from $22 noting sentiment is high given the potential for near- term upside execution and the alignment with 12-month investment trends in the disk drive industry. Consequently, the firm believes the shares continue to exhibit Momentum characteristics, which are likely to continue near term given the upside potential. Accordingly, they continue to rate Xyratex shares Outperform.
23-Mar-06 07:58 ET In Play Network Appliance: strong results from XRTX bodes well for NTAP -- Kaufman Bros (NTAP) 34.85 : Kaufman Bros notes that disk enclosure co Xyratex (XRTX) (from whom NTAP sources the majority of its disk enclosures) reported last night that its Storage and Network Systems segment grew 6% sequentially in FebQ. Xyratex also stated that there was an increased proportion of sales to its largest customer (NTAP), so sales to NTAP grew faster than 6% sequentially. Moreover, the co is guiding for growth in the S&NS segment of 6%-13% sequentially for MayQ. Assuming that this is conservative guidance, this is an incremental positive for NTAP.
23-Mar-06 07:54 ET In Play Xyratex tgt raised to $29 from $22 at RBC following results (XRTX) 26.11 :
23-Mar-06 07:30 ET In Play Xyratex tgt raised to $33 from $27 at BofA - following results (XRTX) 26.11 :
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