UPDATE: Goldman Sachs Raises PT on Calix to $21 (CALX)

Goldman Sachs is out with its report today on Calix (NYSE: CALX), raising its price target from $19 to $21.

In a note to clients, Goldman Sachs writes, "After the close on Monday, Calix management hosted a conference call to introduce an updated financial outlook for the next four quarters following the completion of its acquisition of Occam Networks. Key guidance metrics were FY11 revenue of $406 mn, a gross margin of over 43%, and non-GAAP EPS of $0.82, which compares to prior guidance of revenue above $400 mn, a gross margin over 42%, and EPS of $0.78-$0.81 (the prior guidance assumed the acquisition would close before the end of CY10). We raise our 12-month price target to $21 from $19 based on a target P/E multiple of 19X applied to our new FY12 EPS estimate of $1.11."

Goldman Sachs maintains Neutral on CALX.

Shares of CALX closed Monday at $20.42.