Needham & Company Upgrades Cavium Networks (CAVM) to Buy

Needham & Company upgraded Cavium Networks (NASDAQ: CAVM) from Hold to Buy with a price target of $85.00.

Analyst N. Quinn Bolton commented, "Based on meetings with CAVM and several of its supply chain partners at Computex, we are incrementally more positive on the prospects for several of Cavium's new products, including ThunderX, LiquidIO 2 and Xpliant. Based on partner feedback, ThunderX should begin to ramp in September/October and the performance and power consumption of ThunderX has created strong customer interest for compute-intensive workloads. Multiple ODMs have designed Xpliant into data center leaf/ToR and spine/aggregation switches with expected launch dates in 1H16. We are also impressed with the enhanced functionality of LiquidIO 2 and believe this product addresses a significantly larger TAM. Based on our increased confidence, we upgrade shares to Buy from Hold and establish a PT of $85."

For an analyst ratings summary and ratings history on Cavium Networks click here. For more ratings news on Cavium Networks click here.

Shares of Cavium Networks closed at $70.86 yesterday.

You May Also Be Interested In

• Needham Starts Park Electrochemical (PKE) at Buy
• Piper Sandler Upgrades Patterson-UTI Energy (PTEN) to Overweight
• Citi Upgrades EFG International AG (EFGN:SW) to Buy