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To: Venkie who wrote (6475)	2/28/2002 4:48:56 AM
From: stockman_scott	Read Replies (1) \| Respond to of 13815

EMLX ALERT - JP Morgan Sets $56 target; Comments on Price Decline this week. "* Shares of Emulex were down nearly 10% yesterday vrs Nasdaq's -.8%. We believe this sell-off resulted from confusion over comments by management and renewed concern that the overall storage market would see a q/q decline in CQ1. * We believe that Emulex is witnessing better than normal linearity and tracking to meet or exceed our FQ3 estimates of $66M/$0.13. This represents 6% sequential growth from $62M in FQ2. * Overall storage sales to dip in March and will be flat to down slightly for 2002. However, we believe the networked storage market can grow 15-20% in 2002 through increasing market share and replacing direct-attached. * New product launches with its largest customers will help drive above market growth at Emulex. * We reiterate our Buy rating on Emulex and 12-month price target of $56. It remains our favorite Fibre Channel stock and we believe that recent weakness represents a compelling entry point."