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MLNX

Mellanox

$64.70

-0.3 (-0.46%)

06:11
01/08/18
01/08
06:11
01/08/18
06:11

Mellanox holder Starboard Value delivers letter to CEO, board

Starboard Value delivered a letter to Mellanox CEO Eyal Waldman and the board, saying: "We invested in Mellanox because we believe the Company is deeply undervalued and there are significant opportunities to create value based on actions within the control of management and the Board... Unfortunately, despite an extremely strong product and technology portfolio, Mellanox has been one of the worst performing semiconductor companies for an extended period of time... This consistent underperformance is troubling and puzzling, given both the strong performance of Mellanox's peers and the tailwinds provided by the company's favorable exposure to many of the most attractive end markets in the industry: high-performance computing, cloud computing, hyperscale data centers, and artificial intelligence. This underperformance has led to a crisis of confidence among investors and has contributed to Mellanox trading at a meaningful discount to its peers. We believe that this poor stock price performance has been driven by a pattern of weak execution that has included both excessive spending and missed growth opportunities... It now appears that due to our involvement and other external pressures, you and the Board recognize there is a problem. However, while the new targets for 2018 that were disclosed in December represent a modest improvement, we remain concerned that these commitments are merely reactionary, and, even if these new goals are achieved, do not come close to addressing the magnitude of the problem. Moreover, given Mellanox's extended history of underperformance and missed expectations, we believe that the company lacks sufficient credibility to convince shareholders that it will hit even these modest targets... We are also concerned that the targets outlined for 2018 are solely reliant on revenue growth to drive operating margin expansion, adding additional risk to the plan... Looking forward, we have severe concerns regarding the company's recently announced plan - we do not believe that it goes nearly far enough to address the magnitude of the problem and there remains significant skepticism about whether the company can hit even these modest targets. Our goal is for Mellanox to create substantial value for the benefit of all shareholders. However, the time for fringe changes and marginal improvements has long passed. Given the significant and continuing underperformance at Mellanox, and the high level of frustration among the shareholder base, the company's recently announced targets are not nearly enough to offset years of poor performance and missed expectations."

  • 18

    Jan

MLNX Mellanox
$64.70

-0.3 (-0.46%)

12/01/17
12/01/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. VMware (VMW) upgraded to Outperform from Market Perform at BMO Capital with analyst Keith Bachman saying the company is benefiting from improved on-premise spending trends, increasing his projections for the overall fiscal 2019 computing spend to grow 3% versus prior forecast of 1%-2% decline. 2. Tiffany (TIF) upgraded to Overweight from Sector Weight at KeyBanc with analyst Edward Yruma saying he believes the positive 1% Americas comp in third quarter points to the early stages of a more broad-based sales recovery. 3. Mellanox (MLNX) upgraded to Buy from Neutral at Longbow with analyst Mike Burton saying he believes activist Starboard's involvement could lead to the company being acquired in whole or in pieces, and a reduction in OPEX levels more consistent with peers. 4. Agco (AGCO) upgraded to Conviction Buy from Neutral at Goldman Sachs with analyst Jerry Revich saying to position for the next leg of the Machinery recovery, he prefers exposure to agriculture over trucks. 5. Vantiv (VNTV) upgraded to Outperform from Neutral at Wedbush with analyst Moshe Katri saying its Worldpay acquisition provides exposure to the U.K. and APAC, which are high-growth, potentially more profitable regions, while also drastically reducing its national merchants exposure. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/07/17
STFL
12/07/17
NO CHANGE
Target $70
STFL
Buy
Mellanox price target raised to $70 from $53 at Stifel
Stifel analyst Kevin Cassidy raised his price target on Mellanox to $70 from $53 as he projected the earnings improvement potential from the operational changes that may be prompted by the involvement of activist investor Starboard Value. If Mellanox' 2018 SG&A spending came in line with peers, it could increase 2018 non-GAAP EPS by about $1.00, estimated Cassidy, who keeps a Buy rating on the stock.
12/12/17
SUSQ
12/12/17
INITIATION
Target $75
SUSQ
Positive
Mellanox initiated with a Positive at Susquehanna
Target $75.
12/13/17
SUSQ
12/13/17
INITIATION
Target $75
SUSQ
Positive
Mellanox initiated with a Positive, sees restructuring/takeout at Susquehanna
Susquehanna analyst Christopher Rolland initiated Mellanox (MLNX) with a Positive and $75 price target. Rolland said Mellanox has dominated the high-speed low-latency interconnect market and envisions three scenarios for the company. First, Mellanox is bought at a 30% premium due to synergies. Second, Mellanox does a Marvell (MRVL) type restructuring to drive operating margins through "deep opex cuts." Lastly, the company organically grows 30% operating margins and sells itself to an acquirer.

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