Oppenheimer analyst Rick Schafer maintained a Hold rating on Maxim Integrated (MXIM) today. The company’s shares closed yesterday at $54.98.
Schafer commented:
“MXIM reported Tuesday after the close. Echoing HPA bellwether TXN last week, MXIM’s F2Q (Dec.) Sales/EPS $577M/$0.60 fell short of consensus $590M/$0.62E. F3Q (Mar.) outlook of $530M/$0.52 also lagged vs. Street $595M/$0.64E. We attribute shortfall to macro headwinds and ongoing correction impacting the semiconductor group. Management’s seen improved booking patterns the past three weeks, though we’re inclined to attribute some of the relative improvement to pre-Chinese New Year holiday ordering and agree with management it’s premature to call a bottom (or rebound). GM declined ~85bps and is expected to drop to 65% in F3Q, largely on inventory reserves. MXIM is on track to return 125% of FCF to shareholders in fiscal 2019. Macro risk/uncertainty remains elevated as the group works through current broad-based correction…keeping us sidelined here.”
According to TipRanks.com, Schafer is a top 100 analyst with an average return of 14.2% and a 67.5% success rate. Schafer covers the Consumer Goods sector, focusing on stocks such as Akoustis Technologies, Skyworks Solutions, and Texas Instruments.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Maxim Integrated with a $54.75 average price target, representing a -0.4% downside. In a report issued on January 17, Barclays also maintained a Hold rating on the stock with a $50 price target.
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The company has a one-year high of $64.40 and a one-year low of $46.64. Currently, Maxim Integrated has an average volume of 4.14M.
Based on the recent corporate insider activity of 104 insiders, corporate insider sentiment is negative on the stock. Most recently, in December 2018, Bruce Kiddoo, the SVP & CFO of MXIM sold 25,000 shares for a total of $1,414,250.
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Maxim Integrated Products, Inc. engages in the design, development, manufacture, and marketing of linear and mixed-signal integrated circuits. Its products include integrated power circuits, amplifiers, data converters, analog filters, transceivers, expanders, level translators, broadband switches, powerline communications, microcontrollers, data loggers, solar energy, and automotive. The company was founded by Jack F. Gifford in 1983 and is headquartered in San Jose, CA.
