Northern, WI 7/19/12 (StreetBeat) – Mellanox Technologies Inc (OTCBB: MLNX) reached its lifetime high in trading today after announcing an impressive quarterly profit that beat analyst expectations. At least 10 brokerages raised their price targets on the company’s stock, with Harel Finance analyst Rami Rozen stating “this is the second quarter in a row that Mellanox breaks every growth record possible and raises the level of investors’ expectations to new heights.”
Mellanox designs chips for the InfiniBand data exchange standard that regulates the way servers and data systems communicate with each other. Its quarterly growth can be contributed to the strong storage, data, and cloud trends we are seeing today. "In InfiniBand (IB), Mellanox is a generation ahead of Intel Corp (INTC) and clearly benefiting from IB gaining share in various servers/storage platforms," Needham & Co wrote in a note. Its clientele include big names such as Hewlett-Packard Co (NYSE: HPQ) and IBM Corp (NYSE: IBM).
Shares of the company increased 36.73% this morning, trading up $24.38 at $90.76. The company has seen its stock more than double in the past year alone.
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