Morgan Keegan analyst Brian Freed raised his rating on SGI (SGI) to Outperform from Market Perform.
Freed offered three reasons for the upgrade:
- The launch of the company’s Altix UV Nehalem-based supercomputers “appears successful” and industry feedback “affirms” his view that the company is a legitimate contender in the high-performance computing space.
- Management is “committed to a plan to deliver profitable revenue growth and is executing on the road map they have laid out.”
- He puts the value of the stock at $8.07, about 15% above the current market price.
SGI today is up 9 cents, or 1.3%, to $7.09.
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