In a report released today, Rick Schafer from Oppenheimer maintained a Hold rating on Maxim Integrated (NASDAQ: MXIM). The company’s shares closed yesterday at $49.78, close to its 52-week low of $46.85.
Schafer commented:
“MXIM reported F1Q (Sept.) results on Tuesday after the close. $0.82 topped consensus $635M/$0.75; however, F2Q (Dec.) outlook of $590M/$0.67 unsurprisingly missed Street $629M/$0.78E. Similar to TI last week, MXIM mgmt cited a broadbased slowdown, particularly in industrial. Core auto/industrial (49% of combined sales) again drove top-line growth in F1Q, with each up DD (%). Mgmt sees all segments (excluding Auto) down materially Q/Q. GM expanded 50bps (~50bp one-time in nature), but expected down 150bp in F2Q. The board authorized a $1.5B share buyback, and mgmt plans to return 125% of FCF back to shareholders in fiscal year 2019. With heightened macro risk/uncertainty showing up as demand slowdown across most end markets, we remain sidelined here.”
According to TipRanks.com, Schafer is a 5-star analyst with an average return of 12.9% and a 63.2% success rate. Schafer covers the Consumer Goods sector, focusing on stocks such as Akoustis Technologies, Texas Instruments, and Monolithic Power.
The word on The Street in general, suggests a Hold analyst consensus rating for Maxim Integrated with a $58.20 average price target, a 16.9% upside from current levels. In a report issued on October 23, Barclays also maintained a Hold rating on the stock with a $55 price target.
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The company has a one-year high of $74.94 and a one-year low of $46.85. Currently, Maxim Integrated has an average volume of 2.34M.
Based on the recent corporate insider activity of 118 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2018, Bruce Kiddoo, the SVP & CFO of MXIM sold 25,000 shares for a total of $1,575,000.
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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.
