Jefferies Raises Price Target on Harmonic (HLIT) to $4 Following Difficult 3Q
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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."
Shares of Harmonic Inc. closed at $4.50 yesterday.
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