Jefferies Raises Price Target on Harmonic (HLIT) to $4 Following Difficult 3Q

November 11, 2016 8:22 AM EST
Get Alerts HLIT Hot Sheet
Price: $5.17 +1.37%

Rating Summary:
    6 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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Jefferies reiterated a Hold rating on Harmonic Inc. (NASDAQ: HLIT), and raised the price target to $4.00 (from $3.50), following the company's 3Q earnings report. Harmonic’s Q3 print was disappointing at first glance, with numbers that came in below Street estimates. A decline in the legacy Cable Edge portfolio contributed most of the weakness. Harmonic now expects sales of $106-111 million for the December quarter, slightly worse than the Street estimate of $115 million. Management is also forecasting non-GAAP EPS of $0.05 to $0.07, below the Street estimate of $0.13.

Analyst George Notter commented, "The difficult Q3 results illustrate the variability inherent in the Cable Edge side of the business. We continue to believe the risk/reward is balanced pending solid evidence of traction with the new Cable OS platform."

For an analyst ratings summary and ratings history on Harmonic Inc. click here. For more ratings news on Harmonic Inc. click here.

Shares of Harmonic Inc. closed at $4.50 yesterday.

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