Credit Suisse Raises MXIM Target To $30 From $25

Maxim Integrated Products, Inc. (NASDAQ: MXIM) delivered C4Q results modestly above expectations and C1Q revs -1% at mdpt versus Street -4% q/q, Credit Suisse reports.

“MXIM continues to be the fastest growing analog/diversified company relative to prior peak, up ~17% thru C1Q11 (ex-acquisitions) vs. the group +1%, and we see sustained strength from handsets (20%+ of revs) and tablet ramps while diversification into industrials (28% of revs)/autos (~5%) where we see structurally increasing content will also continue to drive growth - meanwhile a gradual ramp of disti exposure (28-29% from mid 20%) and 300mm drives upside to GM,” Credit Suisse writes.

Credit Suisse has reiterated its Outperform rating and raises its PT to $30 from $25.

Maxim Integrated Products closed Thursday at $25.60.