Drexel Hamilton Raises Price Target Following Maxim Integrated Products' (MXIM) Solid Earnings Report
Drexel Hamilton reiterated a Buy rating on Maxim Integrated Products (NASDAQ: MXIM), and raised the price target to $42.00 (from $40.00), following the company's March quarter earnings results. MXIM reported revenue of $555.3 million, which compared to the Street consensus of $555.4 million. EPS of $0.48 came in ahead of Drexel's estimates and the Street consensus of $0.42. For the June quarter, Maxim is guiding to a sales range of $555-$595 million, which compares favorably to the Street consensus of $569.7 million.
Analyst Cody Acree commented, "Maxim reported an encouraging beat and raise, with improving demand in Industrial, Automotive, and Communications & Data Center, which is consistent with what we’ve seen from several of its peers."
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Shares of Maxim Integrated Products closed at $36.52 yesterday.