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Fly News Breaks for October 28, 2016
MLNX
Oct 28, 2016 | 08:50 EDT
Roth Capital analyst Brian Alger lowered his price target for Mellanox to $60 from $70 following the company's in-line Q3 results that were overshadowed by soft Ethernet guidance. While the analyst expects the market to negatively react to the reduced near term outlook, he believes Mellanox's strategic positioning, relatively low valuation, and consistent cash flow warrant continued investment. Alger reiterates a Buy rating on the shares.
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