Maxim Integrated Products Stock Rating Upgraded by Goldman Sachs Group Inc. (MXIM)
Maxim Integrated Products (NASDAQ:MXIM) was upgraded by stock analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a report issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $34.00 price target on the stock, up from their previous price target of $30.00. Goldman Sachs Group Inc.’s price objective suggests a potential upside of 14.56% from the stock’s previous close.
The analysts wrote, “We are upgrading Maxim to Buy from Neutral and adding the stock to the Americas Conviction List. Maxim has significantly underperformed YTD (up 1% vs. the SOX up 28%) due to concerns surrounding content loss and an inventory correction at key customer Samsung (28% of sales). However, we expect the stock to recover strongly over the next few quarters driven by (1) an inflection in the consumer business in 1H14, given stable-to-improving trends at Samsung and potential PMIC/sensor content gains; (2) solid growth in the industrial and comms markets; and (3) Maxim’s consistently strong cash returns to shareholders via dividends and buybacks.”
Maxim Integrated Products (NASDAQ:MXIM) traded up 1.25% on Monday, hitting $30.05. The stock had a trading volume of 4,133,902 shares. Maxim Integrated Products has a one year low of $25.54 and a one year high of $33.67. The stock has a 50-day moving average of $28.48 and a 200-day moving average of $29.72. The company has a market cap of $8.561 billion and a price-to-earnings ratio of 19.54.
Maxim Integrated Products (NASDAQ:MXIM) last released its earnings data on Thursday, July 25th. The company reported $0.44 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.47 by $0.03. The company had revenue of $608.00 million for the quarter, compared to the consensus estimate of $626.24 million. During the same quarter last year, the company posted $0.45 earnings per share. Maxim Integrated Products’s revenue was up .5% compared to the same quarter last year. Analysts expect that Maxim Integrated Products will post $1.67 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Thomson Reuters/Verus downgraded shares of Maxim Integrated Products (NASDAQ:MXIM) from a “hold” rating to a “sell” rating in a research note to investors on Monday, September 2nd. Separately, analysts at Morgan Stanley downgraded shares of Maxim Integrated Products (NASDAQ:MXIM) from an “overweight” rating to an “equal weight” rating in a research note to investors on Friday, August 16th. Finally, analysts at Susquehanna cut their price target on shares of Maxim Integrated Products (NASDAQ:MXIM) from $30.00 to $27.00 in a research note to investors on Friday, July 26th. They now have a “neutral” rating on the stock.
Eleven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Maxim Integrated Products presently has an average rating of “Hold” and a consensus price target of $32.14.
In other Maxim Integrated Products news, VP Chae Lee sold 25,000 shares of Maxim Integrated Products stock on the open market in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $28.98, for a total transaction of $724,500.00. Following the transaction, the vice president now directly owns 64,258 shares in the company, valued at approximately $1,862,197. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Maxim Integrated Products, Inc (NASDAQ:MXIM), designs, develops, manufactures and markets a range of linear and mixed-signal integrated circuits, commonly referred to as analog circuits, for a large number of customers in diverse geographical locations.
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