Here are highlights from Friday’s Analyst Blog:
QLogic Raises 3Q Outlook
QLogic Corp. QLGC
$155 million to $156 million $148 million to 156 million $155 million
41 cents to 42 cents 48 cents to 49 cents 34 cents to 38 cents 30 cents
Second Quarter 2011 Highlights
Second quarter 2011 results (both earnings and revenues) marginally beat the Zacks Consensus Estimates.
$146.5 million $146.0 million 26 cents
The gross margin for the quarter was 66.8%, up 130 basis points from the year-ago quarter, primarily due to increased volume, partially offset by higher manufacturing costs. Gross margin in the quarter exceeded management’s guidance of 65.5% to 66%, primarily due to a favorable product mix.
$53.6 million $52.8 million
$304.0 million $44.6 million $26.6 million $30.6 million
We continue to maintain a Neutral rating on a long-term basis (6–12 months). We believe that QLogic will benefit from major OEM customer wins and increased focus on its key strategic initiatives over the long term.
Currently, QLogic has a Zacks #2 Rank, which implies a Buy rating on a short-term basis.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Leonard Zacks http://at.zacks.com/?id=4580
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
Web Content Editor
SOURCE Zacks Investment Research, Inc.