Morgan Stanley: Calix Has Mixed Q1

In a research report published this morning, Morgan Stanley commented on Calix's CALX generally in-line Q1. According to Morgan Stanley, "Q1'12 was generally in-line, with better Q2 guidance than we had been modeling signaling the improved 2H outlook we flagged in our recent upgrade. CALX also re-upped its “soft” 20% growth guidance for 2012 – even absent strength in Broadband Stimulus. However, lack of leverage into 2013 keeps us EW." Morgan Stanley maintains its Equal-weight rating on Calix, which closed yesterday at $7.60.