MaxLinear price target lowered to $25 from $28 at Craig-Hallum

Craig-Hallum analyst Richard Shannon lowered the firm’s price target on MaxLinear (MXL) to $25 from $28 and keeps a Buy rating on the shares. The firm says MaxLinear’s guidance places a bottom in the sales pattern that looks to continue throughout most/all of 2025. This shifts the conversation to when MaxLinear will get to breakeven and what its earnings run-rate looks like exiting 2025, Craig-Hallum notes. The firm believes MaxLinear is tracking toward a 2025 EPS exit run-rate that approaches $1.00. As the market starts to believe this, Craig-Hallum thinks it drives the stock into $20-plus range. As such, the firm thinks this stock should be owned, as a play on both infrastructure-related spend and one of the last inventory-driven stocks anywhere in semiconductors.