January 7, 2013 / 2:51 PM / 5 years ago

RESEARCH-Clal cuts Mellanox to "market perform"

TEL AVIV, Jan 7 (Reuters) - The Clal Finance brokerage on Monday lowered its recommendation for Israeli chip designer Mellanox Technologies to "market perform" from "buy" after the company warned of lower than expected fourth-quarter revenue.

Clal also removed its $115 price target for Mellanox until the company provides its forecast for the first quarter of 2013, which is expected later in January. The shares were down $0.17 at $52.14 in early Nasdaq trade.

"We estimate that Mellanox's weakness is tied to the macro environment," analyst Jonathan Kreizman said in a report. "We will review our recommendation if and when we see signs pointing to a return to growth momentum."

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below