Nomura Securities Maintains a 'Buy' on Maxim Integrated Products (MXIM); Q1 Review

Nomura Securities maintains a 'Buy' on Maxim Integrated Products (NASDAQ: MXIM) price target cut $2 to $28.00.

Nomura analyst, Romit Shah, "Maxim executed a solid quarter with sales in the range of guidance and adjusted EPS above consensus. The results, in our opinion, are impressive considering Altera, Xilinx, Microchip and Texas Instruments negatively pre-announced. While near-term catalysts appear limited, we believe the stock will continue to outperform in 2012 on the back of growth in wireless and a 3.8% dividend. Our FY12E EPS goes from $1.73 to $1.52 and FY13E goes from $2.15 to $1.99. On lower estimates, we are lowering our price target to $28, which is based on 16.5x our CY12 EPS estimate of $1.70. The stock also trades roughly in line with its 5-year average on EV/sales relative to our coverage universe."

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.

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