UPDATE: Piper Jaffray Initiates QLogic Corporation at Neutral on Mt Rainier Caution

Piper Jaffray initiated coverage on QLogic Corporation (NASDAQ: QLGC ) with a Neutral rating and an $11.00 price target. Piper Jaffray said, "Despite the recent positive pre-announcement, we are not convinced that this momentum will continue into FY14. QLogic continues to lag Emulex in the 10Gb Ethernet space, which we