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Fly News Breaks for June 16, 2016
QLGC, CAVM
Jun 16, 2016 | 08:29 EDT
Jefferies analyst Mark Lipacis downgraded Cavium (CAVM) to Hold saying the acquisition of QLogic (QLGC) highlights the company's earnings growth challenge. The acquisition "highlights a tougher market" for Cavium and QLogic's lower growth will weigh on the company's multiple, Lipacis tells investors in a research note. He cut his price target for Cavium to $45 from $61. Canaccord, Pacific Crest and Oppenheimer this morning also downgraded the shares.
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