UPDATE: Piper Jaffray Upgrades Emulex as OPEX Cuts, Capital Allocation Are a Step in the Right Direction

In a report published Tuesday, Piper Jaffray analyst Andrew J. Nowinski upgraded the rating on Emulex Corporation (NYSE: ELX ) from Neutral to Overweight, and raised the price target from $8.00 to $9.00. In the report, Piper Jaffray noted, “Emulex followed through with previous plans to lower OPEX, committing to