UPDATE: Jefferies Lowers PT on Calix to $13

Jefferies is out with its report today on Calix

, lowering its PT from $24.50 to $13. In its report, Jefferies writes, "Calix pre-announced weaker than expected Q3 revenue and EPS results. We view any weakness in the shares as a buying opportunity and continue to believe the Street under-appreciates a number of key catalysts: increasing broadband penetration, Broadband Stimulus, new markets, new products, and potential entrance into new accounts such as Qwest. Our new $13 price target is based on 15.3x our 2012 EPS estimate of $0.81 (base business, ex-cash, ex-interest, including stock comp expense)." At the time of posting, shares of CALX were trading at $8.37, down 4.34% from Tuesday's close.