Cannacord Genuity analyst Paul Mansky this morning raised his rating on QLogic (QLGC) to Buy from Hold, setting a $20 price target on the stock, which closed yesterday at $16.71.
Mansky writes that the upgrade his consistent with his view that investors’ appetite for “crowding into momentum stocks” is fading, with a new focus on GARP – not the movie, but rather, growth at a reasonable price. The analyst writes that he views QLGC as “the cleanest mid-cap GARP name in our coverage group.”
QLGC this morning is up 34 cents, or 2%, to $17.05.
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