UPDATE: Morgan Keegan Upgrades Emulex to Outperform

Morgan Keegan is out with its report today on Emulex (NYSE: ELX), upgrading ELX to Outperform.

In a note to clients, Morgan Keegan writes, "This morning we are upgrading shares of ELX to an Outperform based on our belief that ELX is well positioned for the 2H calendar 2011 in the fast growth 10GB LOM and FCOE space based on design wins for Intel's Nehalem and Romley Platforms."

Morgan Keegan lowers its PT on ELX from $13.50 to $11.

Shares of ELX closed Wednesday at $8.73, down 1.36% from Tuesday's close.