MaxLinear (MXL) PT Raised to $25 at Benchmark

Benchmark analyst David Williams raised the price target on MaxLinear (NASDAQ: MXL) to $25.00 (from $20.00) while maintaining a Buy rating.

The analyst commented, "We reiterate our Buy rating and increase our target to $25 as our positive MLX thesis continues to play out with end markets recovering and new product momentum accelerates. The tone from management this quarter was as bullish as we have heard in some time with strengthening conviction in the sustainability of the underlying demand trends. The biggest surprise was the revenue outlook that beat expectations by ~ 8% with new program ramps beginning in 2H, continuing through the next few years, which should support a mid-to-upper teens growth rate next year. With end markets firmly in recovery and strengthening order activity across the core business and healthy new product momentum, the combination of share gains, content expansion, product ramps and extended lead times, we think MXL has undoubtedly turned the corner with a multi-year growth cycle ahead."

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