J.P. Morgan Reiterates Underweight on Maxim Integrated Products

J.P. Morgan has published a report on Maxim Integrated Products (NASDAQ: MXIM) reiterating an Underweight rating.

In the report, J.P. Morgan wrote, "Yesterday before the open, Maxim announced it has acquired privately held SensorDynamics for approximately $130.0 million in cash plus the assumption of approximately $34.0 million in debt. Maxim stated SensorDynamics' current revenue base is negligible but expects a significant revenue ramp in F13. The acquisition closed on July 15. We reiterate our Underweight rating on Maxim stock due to valuation."

J.P. Morgan rated Maxim at Underweight with a price target of $20.50. Maxim closed Monday evening at $23.01.