Maxim Integrated Products (MXIM): Good Quarter But Not Enough For An Upgrade - UBS

UBS analyst, Stephen Chin, reiterated his Neutral rating on shares of Maxim Integrated Products (NASDAQ: MXIM) after hitting targets ahead of plan and raising its dividend. Maxim's Jun-16 quarterly results were again impressive and showed solid financial execution on both its long term gross and operating margin targets. However, he is keeping a Neutral rating for now as the stock's current PE multiple of 18x appears to have already reflected improving near-term fundamentals and analog semiconductor industry trends. We believe Maxim continues to successfully diversify its sales away from one large smartphone customer. We believe if Maxim can introduce more products for mobile or accrue new high volume wins in the wearables space this could lead to more EPS upside.

No change to the price target of $40.00

For an analyst ratings summary and ratings history on Maxim Integrated Products click here. For more ratings news on Maxim Integrated Products click here.

Shares of Maxim Integrated Products closed at $38.35 yesterday.

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