FBR Capital Markets Raises MXIM Target To $31 From $29

FBR Capital Markets is raising its target on Maxim Integrated Products, Inc. (NASDAQ: MXIM) to $31 from $29.

“We met with Maxim's CFO, Bruce Kiddoo, and head of investor relations, Paresh Maniar,” FBR Capital Markets writes. “While management would not comment on near-term business trends, we think calendar 4Q revenues are tracking in the upper-half of guidance, and that calendar 1Q revenues will decline only modestly given surprising resilience in the industrial, automotive, and infrastructure/networking end markets.

“Regarding its smartphone opportunity, Maxim is the leader in highly integrated analog baseband chips (integrating power management unit, audio subsystem, LED driver, USB controller), with its cellular exposure in total about 20% of overall firm revenues.”

Maxim Integrated Products closed Friday at $23.99.