UPDATE: J.P. Morgan Upgrades Maxim Integrated Products to Neutral, Raises PT
In a report published Monday, J.P. Morgan & Co. upgraded its rating on Maxim Integrated Products (NASDAQ: MXIM) from Underweight to Neutral, and raised its price target from $23.00 to $26.00.
J.P. Morgan noted, “We are upgrading Maxim from Underweight to Neutral as we are assigning the stock a higher multiple due to the company's 20% exposure to Samsung and 3.4% dividend yield. Samsung is one of the few technology OEMs that is gaining market share, which we believe should help insulate Maxim from the sluggish demand environment. As a result, we are raising our multiple on MXIM stock from 13.5X C13 EPS or below its peers to 15X C13 EPS or a multiple in line with its peers and raising our C13 price target from $23.00 to $26.00.”
Maxim Integrated Products closed on Friday at $27.79.
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Tags: J.P. Morgan & Co.