Calix (CALX) PT Lowered to $60 at Needham & Company

Needham & Company analyst Ryan Koontz lowered the price target on Calix (NYSE: CALX) to $60.00 (from $73.00) while maintaining a Buy rating following results.

The analyst commented, "CALX reported a solid beat and raise, with 1Q22 Rev/NG EPS +4%/$0.02 ahead of consensus, respectively, and 2Q22 revenue guidance 6% ahead. Platform bookings exceeded 70% of the total and Cloud-centric RPO reached $138M (+84% y/y). We increase our C22 and C23 top-line estimates by ~4%, while C22 NG EPS is unchanged following management's decision to pull-forward its C23-C25 opex target model (into C22), while C23 NG EPS increases by $0.02. CALX maintains a sizable competitive lead in its transformation to a software company with strong upside driven by a massive US rural broadband build, still to come, funded by a plethora of subsidy programs. We reiterate our Buy rating, but lower our PT to $60."

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