Nomura Securities Maintains a 'Buy' on Maxim Integrated Products (MXIM); Adjusting Estimates in Q4 Review

Nomura Securities maintains a 'Buy' on Maxim Integrated Products (NASDAQ: MXIM) price target of $30.00 (from $32.00).

Analyst, Romit Shah, said, "FQ4 revenue of $605mn was in line with our estimate and guidance. EPS of $0.45 beat our estimate by $0.06, driven by higher gross margin ($0.02), lower opex ($0.01) and tax rate ($0.02). Gross margin benefited from an increase in fab utilization (80% vs. 76% in FQ3). FQ1 revenue guidance of up 0-5% qoq is below the 5-year average of up 6% (excl 2008), and is similar to Linear (up 0-3%, vs. seasonal +3%). In contrast, TI (NYSE: TXN) guided flat in Q3 versus normal seasonality of +7%. We are lowering estimates from $0.47 to $0.43 in FQ1 (Sep) and from $2.15 to $2.00 in CY13. Our estimates assume December is flat QoQ."

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 $26.01 yesterday.

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