Quantum Corp. (NYSE:QTM) Hammered on Q3 Results, Needham Still Likes Them

While third quarter results for Quantum Corp. (NYSE:QTM) were underwhelming, Needham continues to recommend, Quantum, believing they've made made major improvement.

Needham says, "QTM is focused on its core vision of protecting and managing data from edge to core employing a single scalable disk-based architecture (with de-dup. and replication) and tightly integrating tape. Despite a disappointing F3Q, QTM has made solid progress improving its balance sheet/cash flow, enhancing profitability, improving its Disk/software portfolio and building out its disk oriented channel - positioning QTM for resumption of growth...Given uncertainty, we are reducing our F12 disk/software estimate to $168M from $227M."

Needham & Company reiterates a "Buy" rating on Quantum Corp. (QTM), which was trading at $2.95, losing $0.64, or 17.83 percent, as of 1:53 PM EST. Needham raised their price target on Quantum from $4 to $4.50.