FBR Capital Maintains Outperform on Maxim Integrated Products (MXIM)

FBR Capital is out with its report today on Maxim Integrated Products (NASDAQ: MXIM), maintaining Outperform.

In a note to clients, FBR Capital writes, "We rate MXIM an Outperform with a $33 price target. We remain bullish on MXIM (despite the stock's recent run) and think the stock can work towards the mid $30s or better over time, given the firm's attractive high-margin model, its steady execution, and its share gain trends in handsets and smartphones, LCD TVs, automotive, industrial, and smart metering applications. Indeed, we think MXIM is the smart-money way to play smartphones and tablets at a meaningful P/E discount versus other tablet plays (13x on MXIM versus 18x-22x on others), the firm's growth through-acquisition strategy is interesting, and shares are inexpensive at a 13x P/E multiple (2011 including stock compensation)."

Shares of MXIM closed Thursday at $27.74, up 2.78% from Wednesday's close.