QLogic gaps up following stronger earnings, bullish pattern now active The company beat eparnings expectations by 2 cents when it reported results for its Q3 after the close yesterday. This morning the shares are up over 11%. This move higher has triggered a bullish flag pattern on the daily chart that has upside potential to the $13 area. That $13 level is where the stock began a rounding pattern decline back in September of last year. Support is at $12.34.
QLogic downgraded to Hold from Buy at Summit Research Summit Research analyst Srini Nandury downgraded QLogic to Hold citing an uncertain enterprise Grantley server cycle following the company's "disappointing" Q2 results. The analyst cut his price target for shares to $11 from $16.