FBR Raises PT On LSI Corporation To $9

FBR Capital Markets has published a research report on LSI Corporation LSI after the company reported decent 2Q earnings. In the report, FBR writes, "For 2Q11, we think LSI's revenues are tracking in the upper half of guidance of $465M–$495M (–2% to +5% QOQ), about consistent with the Street's $482M. We expect sequential revenue growth in both its storage/server and networking segments, slightly better than Seagate's HDD TAM expectation of flat to slightly down sequentially as hard drive inventories exited 1Q at below typical levels following the Japanese earthquake. Remember, recent notebook PC checks suggest 6% unit growth is likely in 2Q." FBR maintains its Outperform rating and has raised the price target to $9. LSI Corporation closed yesterday at $6.80.