Calix revenue bottom is in place, says Craig-Hallum

Craig-Hallum keeps a Buy rating on Calix (CALX) with a $50 price target following the Q3 report. The firm believes the bottom for quarterly revenue was put in place in the June quarter, following multiple quarters of prior sequential declines driven by customer inventory digestions. The analyst continues to believe the Broadband Equity Access and Deployment Program is a significant opportunity for the company with both Calix and Nokia believing that the BEAD funds represent a $4B-$5B opportunity to access equipment over the multi-year period of the program. Hallum sees a multi-year path for Calix to drive $1.25B in annual revenue and earnings per share of $2.50.