RBC Capital Trims Numbers on Maxim Integrated (MXIM) on Samsung Concerns
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Price: $103.14 --0%
Rating Summary:
9 Buy, 20 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 10 | New: 14
Rating Summary:
9 Buy, 20 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 10 | New: 14
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RBC Capital trimmed estimates and its price target on Maxim Integrated Products (NASDAQ: MXIM) from $35 to $33 to reflect Samsung concerns. The firm maintained an Outperform rating.
"We are lowering our estimates to reflect lower than expected sales at Samsung, where the company is likely to miss FY13 unit forecasts," analyst Doug Freedman notes. "We estimate the impact to be ~$30mil to the SeptQ, which results in our total company growth to be reduced to flat from +5% Q/Q. Remain constructive on business outside of Samsung including Auto, Smart Meter and Medical."
The firm is trimming SeptQ revenues/gross margin/EPS to $626mil/63.8%/$0.46 (prior $657mil/63.8%/$0.52) vs. Street $657mil/62.9%/$0.51. For FY14, they now assume $2,516mil/63.9%/$1.81 (prior $2,642mil/63.9%/$2.05) vs. Street $2,627mil/63.9%/$2.03.
We are lowering our estimates to reflect lower than expected sales at Samsung, where the company is likely to miss FY13 unit forecasts. We estimate the impact to be ~$30mil to the SeptQ, which results in our total company growth to be reduced to flat from +5% Q/Q. Remain constructive on business outside of Samsung including Auto, Smart Meter and Medical
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 $28.59 yesterday.
"We are lowering our estimates to reflect lower than expected sales at Samsung, where the company is likely to miss FY13 unit forecasts," analyst Doug Freedman notes. "We estimate the impact to be ~$30mil to the SeptQ, which results in our total company growth to be reduced to flat from +5% Q/Q. Remain constructive on business outside of Samsung including Auto, Smart Meter and Medical."
The firm is trimming SeptQ revenues/gross margin/EPS to $626mil/63.8%/$0.46 (prior $657mil/63.8%/$0.52) vs. Street $657mil/62.9%/$0.51. For FY14, they now assume $2,516mil/63.9%/$1.81 (prior $2,642mil/63.9%/$2.05) vs. Street $2,627mil/63.9%/$2.03.
We are lowering our estimates to reflect lower than expected sales at Samsung, where the company is likely to miss FY13 unit forecasts. We estimate the impact to be ~$30mil to the SeptQ, which results in our total company growth to be reduced to flat from +5% Q/Q. Remain constructive on business outside of Samsung including Auto, Smart Meter and Medical
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 $28.59 yesterday.
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