UPDATE: Jefferies Lowers PT on Calix to $7 Following Negative Pre-Announcement

Jefferies reiterated its Buy rating on Calix CALX but reduced its price target from $11 to $7. Jefferies said, "Calix negatively pre-announced its Q2 revenue and EPS results. The organization expects to report $79 million on the top line and $0.04 in non-GAAP EPS. We had been looking for $95 million and $0.10 (Street = $95 million and $0.10)." Calix closed at $6.48 on Wednesday.