Skip to main content

Market Overview

UPDATE: Goldman Sachs Downgrades Calix as Positives Appear Priced In

Share:

In a report published Tuesday, Goldman Sachs analyst Simona Jankowski downgraded the rating on Calix (NYSE: CALX) from Neutral to Sell, but raised the price target from $11.00 to $12.00.

In the report, Goldman Sachs noted, “We downgrade Calix shares to Sell from Neutral with shares up 163% over the past year vs. the S&P 500 up 16%; we think the upward estimate revision cycle is now behind us and valuation is full at 19X our CY14 non-GAAP P/E. We see 2013 estimates constrained by declining tier-2 carrier capex and share gains by Adtran (Buy). We also expect tier-3 capex to normalize in 2014 after a big recovery in 2013 following the regulatory uncertainty of 2012. Longer-term, Calix will need a stronger international ramp to offset expected Broadband Stimulus (BBS) revenue declines in 2015. We see 14% downside to our price target vs. 3% average upside for our coverage.”

Calix closed on Monday at $13.90.

Latest Ratings for CALX

DateFirmActionFromTo
Mar 2021BWS FinancialInitiates Coverage OnSell
Jan 2021Northland Capital MarketsDowngradesOutperformMarket Perform
Oct 2020JefferiesMaintainsBuy

View More Analyst Ratings for CALX
View the Latest Analyst Ratings

 

Related Articles (CALX)

View Comments and Join the Discussion!

Posted-In: Goldman Sachs Simona JankowskiAnalyst Color Downgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
SCYXAegis CapitalMaintains40.0
ARGOBoenning & ScattergoodDowngrades
TLSAZacks Investment ResearchInitiates Coverage On7.5
TOTJP MorganUpgrades
WSOMorgan StanleyMaintains244.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com