FBR Capital Maintains an 'Outperform' on Maxim Integrated Products (MXIM); Right Down the Fairway with 2H11 Setting Up Nicely
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Price: $103.14 --0%
Rating Summary:
9 Buy, 20 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 20 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital maintains an 'Outperform' on Maxim Integrated Products (NASDAQ: MXIM), PT $33.
FBR analyst says, "While this quarter's report is unlikely to drive meaningful upside to Street expectations, all financial metrics were right down the fairway, which helps grow management's credibility with the Street further, and Maxim seems to be setting up nicely for continued growth in 2H11. We think calendar 2Q11 revenue guidance of +1% to +6% QOQ is made slightly easier by the inventory hubbing impacts at one customer in calendar 1Q11 that does not recur in 2Q11, and we see nice growth drivers in integrated smartphone power management chips with North American handset carriers and Nokia (NYSE: NOK), automotive applications, connected TVs, communications infrastructure equipment, and in many industrial markets including smart metering, industrial automation, and medical equipment. Integrated products continued to
grow, now standing at 31% of total revenues, a continuing opportunity. Net, we think Maxim's profitable growth, substantial cash generation, and increasing dividends will continue, all allowing for future P/E multiple expansion. Regarding shares, we remain bullish on MXIM and think shares can work toward the mid $30s or better over time given the firm’s high-margin model, steady execution, and share gain trends in smartphones and other key end markets."
For more ratings news on Maxim Integrated Products click here and for the rating history of Maxim Integrated Products click here.
Shares of Maxim Integrated Products closed at $26.15 yesterday.
FBR analyst says, "While this quarter's report is unlikely to drive meaningful upside to Street expectations, all financial metrics were right down the fairway, which helps grow management's credibility with the Street further, and Maxim seems to be setting up nicely for continued growth in 2H11. We think calendar 2Q11 revenue guidance of +1% to +6% QOQ is made slightly easier by the inventory hubbing impacts at one customer in calendar 1Q11 that does not recur in 2Q11, and we see nice growth drivers in integrated smartphone power management chips with North American handset carriers and Nokia (NYSE: NOK), automotive applications, connected TVs, communications infrastructure equipment, and in many industrial markets including smart metering, industrial automation, and medical equipment. Integrated products continued to
grow, now standing at 31% of total revenues, a continuing opportunity. Net, we think Maxim's profitable growth, substantial cash generation, and increasing dividends will continue, all allowing for future P/E multiple expansion. Regarding shares, we remain bullish on MXIM and think shares can work toward the mid $30s or better over time given the firm’s high-margin model, steady execution, and share gain trends in smartphones and other key end markets."
For more ratings news on Maxim Integrated Products click here and for the rating history of Maxim Integrated Products click here.
Shares of Maxim Integrated Products closed at $26.15 yesterday.
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