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Fly News Breaks for July 9, 2015
QLGC
Jul 9, 2015 | 09:36 EDT
Summit Research believes the inventory build evident in QLogic's Q1 negative preannouncement will take at least a quarter or two to wind down and that the company will likely lower next quarter's estimates well below consensus. The firm expects a "steep" selloff in shares, possibly down to $10 levels. It would view a pullback to such levels as a buying opportunity and reiterates a Buy rating on QLogic.
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