Citi Has Buy on Maxim Integrated

Citi Investment Research is out with a research report on Maxim Integrated (NASDAQ: MXIM) and it has a Buy rating and a $30 price target on shares.

In a note to clients, Citi Investment Research writes, "MXIM declined 2% after market Thurs. after guiding Dec-Q sales -3% to -9% qq, below the Street's -1% but firmer than peers who guided C4Q sales -10%. The Street's $1.75 C12 EPS should migrate toward our $1.61, placing MXIM at 14x EPS ex-cash. MXIM remains our high conviction #2 pick behind AVGO, so we'd use Friday's pull-backs to more aggressively add to positions. We reiterate MXIM Buy, reduce EPS modestly, and maintain our $30 target on higher comparable multiples."

Shares of MXIM closed at $24.97 yesterday.