Nomura Securities Reiterates a 'Buy' on Maxim Integrated Products (MXIM); Review of 3Q Results

Nomura Securities reiterates a 'Buy' on Maxim Integrated Products (NASDAQ: MXIM).

Nomura analyst, Romit Shah, says, "MXIM reported revenue of $607mn, slightly above our estimate of $605M. EPS of $0.40 was below our estimate of $0.42 due to a higher tax rate ($0.01) and share count ($0.01). March quarter results and guidance (F4Q of flat to up 5% q/q), though in-line with consensus, should provide relief for shares following a challenging FQ3, where Maxim experienced lower lead times and a direct impact from Japan. Furthermore, we believe Maxim is well positioned for growth in the second half on the back of smartphones. Raise our CY12 EPS from $1.93 to $2.00, on slightly higher revenue growth (12% in CY11 and 9% in CY12). Px tgt remains at $32 (7x our CY11 EPS est of $1.80, plus $2 in cash)."

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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