UPDATE: FBR Capital Markets Reiterates Outperform Rating, Lowers PT on Maxim Integrated Products

In a report published Monday, FBR Capital Markets reiterated its Outperform rating on Maxim Integrated Products MXIM and lowered its price target from $34.00 to $31.00. FBR noted, “While some near-term risks exist as handset OEMs de-stock device and component inventory in response to macro weakness, we are constructive on MXIM over the next year given its high-margin model, steady execution, smartphone share gains, robust capital returns, and still-attractive value P/E of 12x (2H12 including stock compensation). The firm's growth-through-acquisition strategy (Teridian, Phyworks, SensorDynamics) is attractive, and the firm seems to be the best-in-class high-performance analog competitor in many respects, including revenue growth, cyclical compression dynamics, cash return to shareholders, and dividend yield.” Maxim Integrated Products closed on Friday at $24.51.