UBS Maintains a 'Neutral' on Harmonic (HLIT); Cutting Numbers After Miss and Guide Down

UBS maintains a 'Neutral' on Harmonic Inc. (NASDAQ: HLIT) price target of $3.75 (from $5.25).

Analyst, Amitabh Passi, said, "Edge and Access was weak, gross margins pressured...3Q guide below on revenues and gross margin...We lower our FY12/FY13 sales estimates to $536M/$571M (-2.4%/+6.6%) from$549M/$584M (-0.1%/+6.5%). Our EPS estimates move down as well driven by the lower sales level and a lower gross margin estimate (49.5% for FY13 vs 50.1% previously). We now model FY12/FY13 EPS of $0.24/$0.38 vs our prior ests of $0.31/$0.43."

For an analyst ratings summary and ratings history on Harmonic Inc. click here. For more ratings news on Harmonic Inc. click here.

Shares of Harmonic Inc. closed at $3.77 yesterday.

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