Needham & Company Reiterates a 'Buy' on Maxim Integrated Products (MXIM); Solid Q1 Results; Remains a Strong Relative Performer

Needham & Company reiterates a 'Buy' on Maxim Integrated Products (NASDAQ: MXIM) price target cut $2 to $29.00.

Needham analyst says, "MXIM beat consensus SepQ1 revenue and EPS, positioning it as one of the few semiconductor players reporting upside this earnings season. DecQ2 revenue guidance was down 6% Q/Q, or about 4% below consensus and not too big of a surprise. Backlog beginning SepQ1 was $403M (consistent with historical lows) with channel inventory flat at 67 days Q/Q and internal inventory remaining in the middle of mgmt’s target range at 95 days. Communications, Computing and Industrial were all down Q/Q whereas Consumer grew a strong 16% due to smartphone ramps. Communications was the biggest disappointment relative to the prior guidance. For DecQ2 mgmt indicated that all markets would be down in the mid-single digits with no outliers on the positive or negative. We lowered our FY12 revenue/EPS from $2.56B/$1.65 to $2.43B/$1.45, our FY13 revenue/EPS from $2.72B/$1.95 to $2.64B/$1.85."

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 $24.97 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Piper Sandler Reiterates Overweight Rating on KKR (KKR), 'highest conviction name'
• Pro Diversity Network (IPDN) Reports Q2 Loss of $0.15