Needham & Company Upgrades MaxLinear (MXL) to Buy
Get Alerts MXL Hot Sheet
Rating Summary:
7 Buy, 9 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Needham & Company upgraded MaxLinear (NYSE: MXL) from Hold to Buy with a price target of $16.00 on stronger than expected broad-based demand.
Analyst N. Quinn Bolton commented, "esterday, before the open, MXL raised its 3Q15 guidance and issued positive commentary on 4Q15. 3Q15 revenue is now expected to be $95MM, above prior guidance of $90-94MM. Furthermore, management now expects 4Q15 revenue to be approximately flat Q/Q, as opposed to down seasonally, based on improved visibility into continued demand for its analog CSS and cable modem receivers. We believe the stronger than expected revenue is mainly attributable to broad-based increases in demand across multiple product lines. While our 2016 estimates remain unchanged, we note that they reflect conservative assumptions and we see several areas for revenue and NG EPS upside. With enhanced scale, a more diversified revenue stream and greater than expected earnings power, we are upgrading MXL to a Buy from Hold and setting a $16 PT."
For an analyst ratings summary and ratings history on MaxLinear click here. For more ratings news on MaxLinear click here.
Shares of MaxLinear closed at $12.01 yesterday.
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