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Technology Stocks : MAXIM Integrated Products

MXIM 103.14

0.0%

Sep 1 5:00 PM EST

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From: Sam Citron	3/16/2009 11:15:06 AM
	of 377

Maxim: FBR Upgrades On Improving Business Trends [Barrons Tech Daily] Posted by Eric Savitz Friedman Billings Ramsey analyst Craig Berger this morning upped his rating on Maxim Integrated Products (MXIM) to Market Perform from Underperform, upping his price target to $14, from $10. Berger says he isn’t ready to recommend the chip maker’s stock, but says his previous bearish stance is no longer warranted. He gave four reasons for the shift in his position: * Q1 orders are “beginning to ramp,” backlog is building and Q1 revenues are tracking to the mid-point of guidance, which was for the top line to be off 20%-30% sequentially. * The company has “taken many restructuring and accelerated depreciation charges,” which should help future expense levels. * The company’s 6.4% yield is highest in the space; it also has $2.96 a share in cash. * Valuation “remains reasonable,” at about 2.2x on an enterprise value/sales basis. MXIM today is up 11 cents, or 0.9%, to $12.60.

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