RBC Capital Remains Bullish on Maxim Integrated Products (MXIM) Following 10K Review
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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."
Shares of Maxim Integrated Products closed at $40.91 yesterday.
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