Harmonic (HLIT) Received its Third Buy in a Row


After Raymond James and Northland Securities gave Harmonic (NASDAQ: HLIT) a Buy rating last month, the company received another Buy, this time from Colliers Securities. Analyst Steve Frankel maintained a Buy rating on Harmonic today and set a price target of $11.00. The company’s shares closed last Monday at $7.91.

According to TipRanks.com, Frankel is a 3-star analyst with an average return of 7.8% and a 56.2% success rate. Frankel covers the Financial sector, focusing on stocks such as Diversified Healthcare Trust, Bluerock Residential Growth, and New Senior Investment Group.

Currently, the analyst consensus on Harmonic is a Strong Buy with an average price target of $11.50, a 50.5% upside from current levels. In a report issued on June 7, Raymond James also maintained a Buy rating on the stock.

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Based on Harmonic’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $112 million and GAAP net loss of $6.12 million. In comparison, last year the company earned revenue of $78.42 million and had a GAAP net loss of $21.95 million.

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Harmonic, Inc. engages in the development and sale of video delivery software, products, system solutions, and services. It operates through the Video and Cable Edge segments. The Video segment sells video processing and production and playout services to cable operators, satellite and telecommunications pay-TV service providers, and broadcast and media companies, including streaming new media companies. The Cable Edge segment markets cable access solutions and related services, such as CableOS software-based Converged Cable Access Platform (CCAP) solutions. The company was founded in June 1988 and is headquartered in San Jose, CA.

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