RBC Capital reiterated a Sector Perform rating on Maxim Integrated Products (NASDAQ: MXIM), and cut the price target to $40.00 (from $41.00), following the company's 1Q16 earnings results. MXIM reported results that met Street expectations with revenues/EPS of $562.5M/ $0.42 vs. Street at $564.2M/ $0.41.

Analyst Amit Daryanani commented, "MXIM reported Sept-qtr results of $563M/ $0.42, which was inline with Street expectations on the revenue/EPS lines (Street at $564M/ $0.41). MXIM guided revenues/EPS above/below Street expectations for the Dec-qtr at $490-520M/$0.29-$0.35 ($505M/$0.32 at the midpoints) vs. Street at $554M/$0.41."

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Shares of Maxim Integrated Products closed at $39.12 yesterday.