RBC Capital Remains Bullish on Maxim Integrated Products (MXIM) Following 10K Review

August 15, 2016 6:56 AM EDT
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Price: $37.87 +0.26%

Rating Summary:
    16 Buy, 13 Hold, 2 Sell

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    Up: 11 | Down: 31 | New: 42
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RBC Capital maintained an Outperform rating and $40.00 price target on Maxim Integrated Products (NASDAQ: MXIM) following a review of the company's 10-K release. MXIM disclosed that Samsung accounted for 14% of sales in FY16, while Samsung was a 15% customer in FY15. As of 7/25/16, MXIM's backlog was $363.4M vs. $365.7M a year prior. The company also reported -$49.0M in domestic pre-tax losses and $334M in foreign pretax income, which is aggregate was up 16% y/y.

Analyst Amit Daryanani commented, "We reviewed MXIM's recently released 10-K and came away with the following points: 1) Samsung was a 14% customer in FY16; 2) Backlog is relatively constant y/y; 3) MXIM received $33M in the year ending FY16 for the sale of their consumer MEMS business; 4) MXIM expects $4.7M of future restructuring costs; 5) Domestic pre-tax losses were -$49.0M vs. +$68-$87M in years past."

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 $40.91 yesterday.



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