Sterne Agee CRT Raises Price Target on Maxim Integrated Products (MXIM) Following In-Line 3Q Results

Sterne Agee CRT reiterated a Buy rating on Maxim Integrated Products (NASDAQ: MXIM), and raised the price target to $43.00 (from $40.00), following the company's 3Q earnings report. MXIM reported revenues of $555M, in-line with the Street's estimate. EPS was $0.41, also in-line with the Street at $0.41.

Analyst Douglas Freedman commented, "After adjusting for the divestiture, we view the result and outlook as solid, and indicating that volatility from mobility has to some degree been neutralized by robust growth in other key segments and improved cost structure. We remain constructive on MXIM and believe its strategic focus of strengthening power management incumbency, end market diversification, and continued manufacturing transformation bodes well for achieving target FCF/sh of $3 and returning 80%+ of cash flow. We are increasing our estimates slightly and raising PT from $40 to $43, or 13.5x forward FCFPS estimate of $2.94 plus net cash per share of $3.44."

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 $36.52 yesterday.

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