While Emulex (NYSE:ELX) appears to be a strengthening "Buy" story, Canaccord believes those who wait will be awarded by their patience on a lower risk scenario.
Canaccord noted, "Although a compelling BUY thesis appears to be developing, subject to a number of assumptions, it appears rather back-end-loaded in the year. Coupled with nearer term expectation risk (March), we anticipate more attractive possible entry points on the horizon. We see near-term risk/reward as $11-13 with possible H2 upside to $14-15."
Canaccord Genuity reiterates a "Hold" rating on Emulex, which closed Wednesday at $12.76, up $0.61, or 5.02 percent. Canaccord has a price target of $13 on ELX.
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