Maxim Integrated Products (MXIM): Chip Recovery Has Begun - Wells Fargo
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Wells Fargo analyst, David Wong, reiterated his Market Perform rating on shares of Maxim Integrated Products (NASDAQ: MXIM) and raised his valuation range to $34.00 to $40.00 from $27 to $34 after Maxim’s December sales outlook implied a return to year/year growth. This supports the analyst's view that a recovery in chip demand has begun.
The analyst raised his FY’17 EPS estimate to $1.85 from $1.82 (with the upside being driven primarily by special gains for a business sale in the September quarter). The FY’18 EPS estimate remains unchanged at $2.10.
Shares of Maxim Integrated Products closed at $39.10 yesterday.
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