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"Is it a little expensive now? It is," says J.W. Seligman analyst Sunil Wagle. "The risk/reward ratio is not in favor right at the moment."

Even so, Wagle hasn't soured on QLogic. "I'm waiting for it to weaken a bit so we can make a buy," he says. "It's an excellent company."

I guess Wagle is trying to make his buy as cheap as possible.

Indeed, at Tuesday's close of $19.91, the stock is trading at about 29 times estimated 2006 earnings and 24 times 2007 earnings.

Where do they come up with this PE. Everything I see is a PE between 12 and 13
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