UPDATE - UBS Downgraded Calix (CALX) to Neutral; Tough Few Quarters Ahead

UPDATE - UBS downgraded Calix (NYSE: CALX) from Buy to Neutral. PT cut from $12 to $8.50.

UBS analyst says, "Final 3Q results were inline with pre-announcement (9/27) w/ 4Q guide below expectations. The weaker outlook was driven in large part (~50% of the miss) from delays/ lower visibility into broadband stimulus spending. CALX is also experiencing growth headwinds from spending mix shifts at its 2 largest customers focused on acquired networks properties vs. CALX territories (ADTN benefiting)."

"We now lower our CY11 and CY12 sales and EPS estimates ex options to $343M (+20%) and $0.38 and $388M (+13%) and $0.55 from our prior $350M (+22%) and $0.53 and $420M (+20%) and $0.70."

To see more ratings changes on CALX, Click Here

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