Maxim Integrated (MXIM) PT Bumped to $45 at Jefferies Following In-Line Results on Note 7 Impact
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Jefferies analyst Mark Lipacis reiterated a Buy rating and lifted his price target on Maxim Integrated Products (NASDAQ: MXIM) to $45.00 (from $42.00) following in-line Q1 results. The analyst noted auto, industrial, and optical strength offset the Samsung Note 7 impact.
Lipacis commented, "With MXIM's largely in-line results and outlook, the impact from Note 7 appears contained by MXIM's diversification within Consumer and offset by growth in Auto, Industrial, and Optical. We reiterate our Buy rating on MXIM given its decreasing Samsung concentration and secular growth in higher margin, higher visibility Auto/Industrial/Datacenter. We also like its 80% FCF capital return policy, and 3.4% dividend yield."
The firm trimmed FY 2017 EPS from $2.03 to $1.98 and FY 2018 EPS from $2.41 to $2.34.
Shares of Maxim Integrated Products closed at $39.10 yesterday.
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