6:47am 04/09/02 R. Stephens cuts storage sector ests. (VRTS, BRCD, QLGC, NTAP, MCDT, LGTO, EMLX, EMC) By Tomi Kilgore
Analyst Dane Lewis at Robertson Stephens lowered earnings and revenue estimates for a number of data storage companies to better align forecasts with "more realistic" expectations that are already priced into the stocks.
"While the storage market remains a high-growth area in the long term, recent trading in the storage sector reflects slower growth expectations for the balance of calendar 2002," Lewis said in a note to clients. "Before we can become more constructive on the storage group, we want a high degree of confidence that downward revisions have been completed and our next changes to estimates will directionally be up."
Among the companies Lewis targeted for estimate cuts are EMC (EMC) , Emulex (EMLX) , Brocade Communications (BRCD) , Qlogic (QLGC) , Veritas Software (VRTS) , Network Appliance (NTAP) , McData (MCDT) and Legato Systems (LGTO) .
Just sounds like RS wants shares back cheaper .... insightful forward thinking analysis, react to what the market already has priced in and do it after the fact.
Calls like this should get little if any respect, if it were made when EMLX was 47 I'd respect it more.
Oh, forgot, RS was probably selling shares when EMLX was 47 ....
J
PS .. bold added |
