Calix (CALX) PT Raised to $73 at Needham & Company
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Needham & Company analyst Ryan Koontz raised the price target on Calix (NYSE: CALX) to $73.00 (from $55.00) while maintaining a Buy rating.
The analyst commented, "CALX reported a solid beat and raise, with 3Q21 revenue and NG EPS 3%/$0.06 ahead of consensus, respectively, and 4Q rev guidance ~6% ahead. The results align with our Oct. 15th note highlighting reduced supply chain risk to CALX due to their streamlined product portfolio and strong cash position. CALX revenue mix metrics impressed with tier 3 and international customers driving growth. In our view, CALX maintains a sizable competitive lead in its product transformation and US tier 3 dominance, and remains best positioned to benefit from a massive US rural broadband build-out funded by a plethora of subsidy programs. CALX remains our top pick in our BB coverage, and we raise our PT to $73."
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