UPDATE: Needham & Company Starts Calix (CALX) at Buy
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(Updated - June 21, 2021 4:20 PM EDT)
Needham & Company analyst Ryan Koontz initiates coverage on Calix (NYSE: CALX) with a Buy rating and a price target of $50.00.
The analyst commented, "We initiate coverage of CALX with Buy rating and $50 price target. CALX delivered a strong Q1 and set a robust outlook for the balance of C21. With strong visibility, we see limited risk to approaching quarters, except for 4Q21 where management identified supply chain impacts from the global semiconductor shortage, which is already factored into guidance. We have seen recent concrete steps in the company's long-telegraphed transition from a telecom networking hardware company to software solutions company.
Boosted by a series of impressive short- and long term-catalysts highlighted below, we model F21/F22 revenue growth of 17.4%/13.0% and EPS of $1.11/$1.16. Our $50 PT is based on an EV/Sales multiple of 4.5x our C22 estimate."
Shares of Calix closed at $42.61 yesterday.
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