Scalper1 News
Maxim Integrated Products ( MXIM ) is offsetting Samsung’s expected flat June quarter with wins in fitness wearables, tablets and smartphones, CEO Tunc Doluca told analysts late Thursday during the firm’s fiscal Q3 earnings conference call. In afternoon trading on the stock market today , Maxim stock was up more than 1.5%, above 37. Shares hit an all-time high of 42.01 on Oct. 28, but dipped in January and February before a pint-size recovery. Maxim stock is down 4% for the year. For its fiscal Q3 ended March 26, Maxim reported 41 cents earnings per share minus items on $555.3 million in sales. EPS climbed 2.5% year over year, but sales dipped 4%. Maxim’s EPS topped by a penny the consensus of 27 analysts polled by Thomson Reuters and sales were in line, and both metrics touched the midpoints of Maxim’s earlier guidance. On a year-over-year basis, Maxim’s consumer, communications/data center and computing sales were down 9%, 10% and 30%, respectively. Industrial sales were flat, but automotive grew 25%. Current-quarter guidance for $555 million to $959 million in sales and 45-51 cents EPS minus items would be down a respective 1% and 12%. Consumer and automotive segments are expected to be “strongly up.” At least three analysts boosted their price targets Friday on Maxim stock. Pacific Crest analyst Michael McConnell noted Maxim’s Q4 guidance was “even more impressive” considering likely slow sales at Samsung. Samsung comprises about 15% of Maxim’s sales, McConnell estimates. This is “a sign that Maxim’s diversification strategy is paying dividends,” McConnell wrote in a research report. He boosted his price target on Maxim stock to 41 from 37 and reiterated his overweight rating. Scalper1 News
Scalper1 News