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."

For an analyst ratings summary and ratings history on Maxim Integrated Products click here. For more ratings news on Maxim Integrated Products click here.

Shares of Maxim Integrated Products closed at $36.52 yesterday.

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