Markets & Finance

AG Edwards Cuts Storage Area Network Providers

AG Edwards cut its investment rating on tech storage area network providers Brocade Communications (BRCD), QLogic (QLGC) and Emulex (EMLX ) to buy from strong buy.

Analyst Shebly Seyrafi says the comapnies have made significant moves in last three weeks; all up well over 100%. She believes there are lingering customer issues, and the capital spending environment remains challenging. She adds it's a good time to lighten up on the ratings a bit. She maintains her price targets for the stocks, $29 for Brocade, $30 for Emulex, and $45 for QLogic.

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