UPDATE: Raymond James Downgrades Calix Following Weak 4Q13 Forecast

In a report published Wednesday, Raymond James analyst Simon Leopold downgraded the rating on Calix CALX from Outperform to Market Perform, and removed the $12.50 price target. In the report, Raymond James noted, “We reduce our rating to Market Perform from Outperform on Calix following a surprisingly weak 4Q13 forecast. Although we remain believers in upgrades to consumer broadband services, we suspect Calix has exposure to too many underfunded operators to support the sales levels we anticipated. We think uncertainty regarding the slope of the positive trend will remain unclear until perhaps the spring, so we step to the side.” Calix closed on Tuesday at $12.50.