Emulex (NYSE:ELX) Entry Points Further Down the Line Says Canaccord

While Emulex (NYSE:ELX) appears to be a strengthening "Buy" story, Canaccord believes those who wait will be awarded by their patience on a lower risk scenario.

Canaccord noted, "Although a compelling BUY thesis appears to be developing, subject to a number of assumptions, it appears rather back-end-loaded in the year. Coupled with nearer term expectation risk (March), we anticipate more attractive possible entry points on the horizon. We see near-term risk/reward as $11-13 with possible H2 upside to $14-15."

Canaccord Genuity reiterates a "Hold" rating on Emulex, which closed Wednesday at $12.76, up $0.61, or 5.02 percent. Canaccord has a price target of $13 on ELX.