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Emulex Up 7.7% Since Argus Research Downgraded One Week Ago (ELX)

Published on Fri, 07/12/2013 - 09:14
By Adrienne Chilton

One week ago Emulex (NYSE:ELX) was downgraded from Buy to Hold at Argus Research. Emulex stocks closed at $8.21, a 7.7% gain over the course of one week.

In the past 52 weeks, Emulex share prices have been bracketed by a low of $5.72 and a high of $8.99 and are now at $8.18, 43% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.5%.

Based on a current price of $8.18, Emulex is currently 16.9% above its average consensus analyst price target of $6.80. The stock should find initial support at its 200-day moving average (MA) of $6.74 and further support at its 50-day MA of $6.50.

Emulex Corporation designs, develops, and supplies a line of fibre channel host adapters, hubs, application-specific integrated circuits (ASICs), and software products. The Company's products enhance access to and storage of electronic data and applications. Emulex' products are based on internally-developed ASIC technology and are deployable across a variety of operating systems.

By Adrienne Chilton