Needham & Company Upgrades MaxLinear (MXL) to Strong Buy; Product Mix is Improving and Valuation is Compelling

Needham & Company upgraded MaxLinear (NYSE: MXL) from Buy to Strong Buy with a price target of $11.00.

Needham analyst says, "In coordination with our industry report, Sorting Through the Semiconductor Pillage, we are upgrading MaxLinear to Strong Buy. Shares of MXL appear washed out after the company issued disappointing 3Q11 guidance due to weakness in its consumer and DTA STB markets. But with its cable SoC products ramping faster than expected and strong design wins for its hybrid TV tuners, we see the company’s product mix shifting to segments where MXL maintains competitive advantages. With cable SoCs and DTV hybrid tuners set to soon account for 50%+ of total revenue and with $2.80 of net cash per share, we are upgrading MXL."

For more ratings news on MaxLinear click here and for the rating history of MaxLinear click here.

Shares of MaxLinear closed at $5.83 yesterday.

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