Zacks Investment Research upgraded shares of Maxim Integrated Products, Inc (MXIM) from NEUTRAL to OUTPERFORM on January 11, 2013, with a target price of $36.00.
Maxim is an OEM of semiconductor analog and mixed signal ICs. September quarter earnings beat the Zacks Consensus Estimate and guidance was in line with expectations. Maxim's decision to focus on the faster-growing consumer and computing markets helped results in the last quarter. However, legacy industrial and communications markets, which also make up a significant percentage of its results, were weak. Despite this weakness and the higher mix of lower-margin consumer revenue, we remain positive about Maxim's history of innovation, product breadth, diverse end markets, growth opportunities and management execution. Consequently, we are upgrading Maxim shares to Outperform.
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