UPDATE: Benchmark Assumes MaxLinear (MXL) at Buy
Benchmark analyst David Williams assumes coverage on MaxLinear (NYSE: MXL) with a Buy rating and a price target of $51.00.
The analyst comments "We are assuming coverage of MaxLinear with a Buy rating and $51 price target. The company delivered mostly in-line revenue with EPS upside on a 160bps gross margin improvement, which should be sustainable. While supply constraints are clearly impeding end demand fulfillment, the company is guiding revenue ~9% ahead of consensus expectations with slight easing of supply constraints in some areas. We are encouraged by the upbeat commentary with a high degree of confidence in the growth trajectory. The company is benefitting from an accelerating macro and simultaneous product launches that are seeing strong momentum. We believe the firm is executing well in the early stages of a multi- year up-cycle with several growth vectors driving strong long-term opportunity."
For an analyst ratings summary and ratings history on MaxLinear click here. For more ratings news on MaxLinear click here.
Shares of MaxLinear closed at $42.88 yesterday.