Needham & Company Reiterates a 'Buy' on Maxim Integrated (MXIM); Prepped For Strong Smartphone Shipments

Needham & Company reiterates a 'Buy' on Maxim Integrated Products (NASDAQ: MXIM) price target raised from $29 to $31.

Analyst, Vernon Essi, Jr., said, "MXIM posted in line MarQ3 revenue with a strong EPS beat driven by better than expected GM. The JunQ4 revenue guide of up 6% Q/Q is in line and the EPS is above consensus. MXIM was starting to see the signs of channel lift in Industrial much like its peers but should get the higher-octane benefits of strong smartphone exposure as its integrated products provide strong revenue growth into JunQ4 and SepQ1...we adjusted our FY12 revenue/EPS from $2.40B/$1.43 to $2.40B/$1.50, our FY13 estimates from $2.59B/$1.75 to $2.59B/$1.80 and our FY14 estimate from $2.76B/$2.00 to $2.76B/$2.10."

For an analyst ratings summary and ratings history on Maxim Integrated Products click here. For more ratings news on Maxim Integrated Products click here.

Shares of Maxim Integrated Products closed at $27.60 yesterday.

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