Wells Fargo analyst Gary Mobley lowered the firm’s price target on MaxLinear to $35 from $45 and keeps an Overweight rating on the shares. From peak Q4 2022 results to the MP of Q4 2023 guide, revenue is expected to be down 57%, a reflection of the hard times for the BB cable gateway market and the related inv draw-down, the firm says. However, Wells still sees MaxLinear’s normalized EPS catalyzing a higher share price.
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Read More on MXL:
- MaxLinear downgraded to Neutral from Buy at Roth MKM
- MaxLinear sees Q4 revenue $115M-$135M, consensus $146.15M
- MaxLinear reports Q3 adjusted EPS 2c, consensus 4c
- Notable companies reporting after market close
- MaxLinear price target lowered to $30 from $40 at Susquehanna
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