MaxLinear (MXL) Reports 3Q EPS Beat and 4Q Revenue Guidance; Needham & Company Reiterates Buy
Needham & Company reiterated a Buy rating on MaxLinear (NYSE: MXL), and raised the price target to $18.00 (from $16.00), following the company's 3Q earnings report. MXL reported 3Q15 revenue and NG EPS estimates of $95.2MM/$0.40, slightly ahead of upwardly revised guidance issued on 9/16. MXL guided 4Q15 revenue to $95-$100MM, ahead of seasonal patterns.
Analyst Quinn Bolton commented, "MaxLinear reported 3Q15 results and issued 4Q15 guidance that exceeded revised guidance issued on 9/16. Strength was broad-based in 3Q15 and visibility into 4Q15 remains healthy. Growth in 4Q15 will be driven by analog and digital CSS solutions and cable modem receivers. Based on numerous product ramps and continued cost discipline, we are increasing our 2016 estimates and introduce our initial 2017 estimates. We believe our new estimates remain conservative and we see several potential areas for revenue and NG EPS upside. We reiterate our Buy rating and increase our PT to $18, or 12X our CY17 NG EPS estimate, from $16. We believe multiple expansion, reflecting the company's enhanced scale, greater revenue diversification and operating leverage, may drive upside to our PT."
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Shares of MaxLinear closed at $13.13 yesterday.