Harmonic Inc. (HLIT) PT Lowered to $12 at Needham

Needham analyst Ryan Koontz lowered the price target on Harmonic Inc. (NASDAQ: HLIT) to $12.00 (from $14.00) while maintaining a Buy rating.

The analyst commented: "Cable upgrade spending continues to be anemic as HLIT Broadband revenues missed $100MM for the 7th in 10 Qs. HLIT did beat lowered 2Q revenue/EPS ests by +8%/+$.07 vs consensus but guided cautiously yet again, -16%/-$.07 vs consensus. With mgt making the case that upgrade programs remain strategic and vital to operators, HLIT's fate lies with its two major customers, Comcast and Charter, who remain largely stalled. One would think cable operators must execute to stem their own struggles, but we remain befuddled. We do see our investment thesis as still intact, but sliding out with hope for an F26 turnaround, reducing our estimates and our PT to $12."

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