Raymond James Upgrades Maxim Integrated Products to Strong-Buy (MXIM)

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Maxim Integrated Products (NASDAQ:MXIM) was upgraded by Raymond James from an “outperform” rating to a “strong-buy” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $37.00 price objective on the stock, up from their previous price objective of $33.00. Raymond James’ price objective points to a potential upside of 24.83% from the stock’s previous close. The analysts noted that the move was a valuation call.

Maxim Integrated Products (NASDAQ:MXIM) traded up 2.07% on Monday, hitting $30.255. 974,491 shares of the company’s stock traded hands. Maxim Integrated Products has a 52-week low of $26.49 and a 52-week high of $33.67. The stock’s 50-day moving average is $28.80 and its 200-day moving average is $28.81. The company has a market cap of $8.534 billion and a P/E ratio of 21.89.

Maxim Integrated Products (NASDAQ:MXIM) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by $0.03. The company had revenue of $620.00 million for the quarter, compared to the consensus estimate of $620.31 million. During the same quarter in the previous year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts expect that Maxim Integrated Products will post $1.63 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Thursday, March 6th. Investors of record on Thursday, February 20th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Tuesday, February 18th.

MXIM has been the subject of a number of other recent research reports. Analysts at Citigroup Inc. cut their price target on shares of Maxim Integrated Products from $31.00 to $30.00 in a research note to investors on Friday, January 31st. They now have a “neutral” rating on the stock. Separately, analysts at Barclays upgraded shares of Maxim Integrated Products from an “equal weight” rating to an “overweight” rating in a research note to investors on Tuesday, January 28th. They now have a $35.00 price target on the stock, up previously from $28.00. Finally, analysts at Zacks reiterated an “underperform” rating on shares of Maxim Integrated Products in a research note to investors on Monday, January 27th. They now have a $27.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Maxim Integrated Products has a consensus rating of “Buy” and a consensus price target of $33.00.

In other Maxim Integrated Products news, VP David Caron sold 10,354 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $29.54, for a total transaction of $305,857.16. Following the completion of the transaction, the vice president now directly owns 11,347 shares of the company’s stock, valued at approximately $335,190. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Maxim Integrated Products, Inc (NASDAQ:MXIM) designs, develops, manufactures and markets a range of linear and mixed-signal integrated circuits, commonly referred to as analog circuits, for a number of customers in diverse geographical locations.

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