News

MXIM posts Jun-Q operating EPS of $0.34 vs. $0.11, which is $0.02 ahead of our estimate. Revenues rose 11% from Mar-Q, owing to broad-based growth and led by sales to the consumer and industrial markets. The adjusted gross margin, above our model, expanded as capacity remained tight, contributing to a wider operating margin. We raise our FY 11 (Jun.) EPS estimate by $0.11 to $1.43 on a steeper sales projection on consumer business growth, and lower effective taxes. But we reduce our 12-month target price by $2 to $19, on a P/E multiple now closer to the peer average.