Calix Q3 report ‘right down the middle,’ says Roth MKM

Roth MKM keeps a Buy rating on Calix (CALX) with a $44 price target saying the company’s Q3 report came in “right down the middle.” Calix’s Q3 sales and gross margins “were right down the middle of guidance,” with sales being driven by a sequential recovery in small customers, the analyst tells investors in a research note. The firm notes the company’s remaining performance obligations, a lead indicator for recurring sales, were up 11% sequentially, underscoring the continued expansion of Calix broadband experience providers.