Calix (NYSE:CALX) Price Target Cut to $50.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan cut its Calix price target to $50 from $58 but maintained an Overweight rating; the revised target implies about 48% upside from the stock’s quoted price.
• Calix shares were trading at $33.77, near their 12-month low of $32.35. Analysts’ average rating was Moderate Buy, with a consensus target of $55.80.
• Latest quarterly EPS of $0.44 beat estimates, while revenue grew 13.7% year over year but came in below consensus. The company’s Q4 EPS guidance also exceeded analysts’ expectations.

Calix (NYSE:CALX - Get Free Report) had its target price cut by JPMorgan Chase & Co. from $58.00 to $50.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the communications equipment provider's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 48.06% from the stock's current price.

CALX has been the topic of a number of other research reports. Wall Street Zen raised Calix from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Zacks Research upgraded Calix from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Weiss Ratings cut Calix from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, October 26th. Roth Capital reiterated a "buy" rating on shares of Calix in a research report on Tuesday, July 21st. Finally, Northland Securities upgraded shares of Calix from a "market perform" rating to an "outperform" rating and set a $52.00 price objective for the company in a research report on Tuesday, July 21st. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $55.80.

Calix Stock Performance

Shares of NYSE CALX traded up $0.52 during mid-day trading on Wednesday, hitting $33.77. 727,675 shares of the stock were exchanged, compared to its average volume of 1,097,215. Calix has a twelve month low of $32.35 and a twelve month high of $68.18. The stock's fifty day simple moving average is $35.99 and its two-hundred day simple moving average is $42.46. The company has a market cap of $2.13 billion, a P/E ratio of 49.59 and a beta of 1.21.

Calix (NYSE:CALX - Get Free Report) last announced its earnings results on Monday, November 2nd. The communications equipment provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $301.71 million for the quarter, compared to the consensus estimate of $304.23 million. Calix had a return on equity of 5.53% and a net margin of 3.99%. Calix's revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. As a group, equities research analysts predict that Calix will post 0.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Calix

Several hedge funds and other institutional investors have recently made changes to their positions in CALX. Fulcrum Asset Management LLP grew its position in shares of Calix by 4,381.9% in the 3rd quarter. Fulcrum Asset Management LLP now owns 6,454 shares of the communications equipment provider's stock valued at $216,000 after purchasing an additional 6,310 shares during the period. Covestor Ltd raised its holdings in Calix by 85.4% during the 3rd quarter. Covestor Ltd now owns 1,446 shares of the communications equipment provider's stock worth $49,000 after buying an additional 666 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Calix during the 3rd quarter worth approximately $235,000. Summit Global Investments lifted its stake in Calix by 125.5% in the third quarter. Summit Global Investments now owns 36,825 shares of the communications equipment provider's stock valued at $1,265,000 after buying an additional 20,497 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al lifted its stake in Calix by 72.8% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 75,983 shares of the communications equipment provider's stock valued at $2,611,000 after buying an additional 32,000 shares in the last quarter. 98.14% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Calix

Here are the key news stories impacting Calix this week:

• Positive Sentiment: Rosenblatt Securities reaffirmed its “buy” rating and set a $55 price target, implying substantial upside from the quoted share price. Rosenblatt Securities recommendations
• Positive Sentiment: Calix’s Q4 EPS guidance of $0.41–$0.49 is above the $0.40 consensus estimate. Revenue guidance of $311 million–$317 million is broadly in line with expectations, while full-year revenue guidance also matched consensus. Calix Q3 revenue and guidance
• Neutral Sentiment: Q3 EPS of $0.44 beat the $0.42 estimate, and revenue grew 13.7% year over year. However, revenue of $301.71 million fell short of the $304.23 million consensus, and EPS was unchanged from a year earlier. Calix Q3 earnings beat estimates
• Negative Sentiment: Reports highlight profit and margin pressure following the results, which could offset the EPS beat and optimistic guidance. Calix stock drops after Q3 results
• Negative Sentiment: A separate valuation analysis argues the shares may still be overvalued despite a steep prior decline, potentially limiting investor appetite. Calix valuation analysis

Calix Company Profile

Calix, Inc provides cloud, software and broadband access solutions to communications service providers. Its technology helps broadband operators deploy, manage and monetize high-speed internet and related services for residential and business customers.

The company's offerings include broadband access systems, subscriber premise equipment, cloud-based software and analytics, and managed services. Its portfolio supports fiber, fixed wireless and other broadband networks, while enabling providers to deliver services such as Wi-Fi management, network security, connected home applications and business connectivity.

Founded in 1999 and headquartered in San Jose, California, Calix serves broadband service providers primarily in North America, with customers and operations in other international markets.

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