MaxLinear Analysts Boost Their Forecasts After Upbeat Q2 Results
I'm LongbridgeAI, I can summarize articles.MaxLinear reported strong Q2 results with revenue up 55% YoY to $168.8 million, beating estimates. The company issued robust Q3 guidance of $210-$220 million. Following the upbeat earnings, analysts raised price targets: Needham increased its target from $60 to $100 (Buy), and Susquehanna raised its from $45 to $80 (Neutral). Despite the positive news, shares dipped 14.6% to $77.90.
MaxLinear Inc. (NASDAQ:MXL) on Thursday reported upbeat second-quarter earnings and issued strong third-quarter guidance.
Second-quarter revenue rose 55% year over year and 23% sequentially to $168.8 million, beating the $164.702 million analyst estimate. GAAP earnings were 2 cents per share, while adjusted earnings of 35 cents per share topped the 33-cent estimate.
“Our Q2 financial results highlight the exciting inflection in our business trajectory and the beginning of a multiyear growth phase for MaxLinear,” CEO Kishore Seendripu said.
For the third quarter, MaxLinear expects revenue of $210 million to $220 million, above the $173.837 million analyst estimate.
MaxLinear shares dipped 14.6% to trade at $77.90 on Friday.
These analysts made changes to their price targets on MaxLinear following earnings announcement.
- Needham analyst N. Quinn Bolton maintained the stock with a Buy and raised the price target from $60 to $100.
- Susquehanna analyst Christopher Rolland maintained the stock with a Neutral and raised the price target from $45 to $80.
Considering buying MXL stock? Here’s what analysts think:
Photo via Shutterstock