Calix added to ‘Conviction List’ and named ‘2023 Top Pick’ at Needham

Needham analyst Ryan Koontz raised the firm’s price target on Calix (CALX) to $88 from $82 and keeps a Buy rating on the shares. The analyst also named the stock as his "Top Pick" for 2023 and added it to Needham’s "Conviction List," replacing Clearfield (CLFD). Koontz expects broadband and fiber deployments to see several more years of sustained growth, even in spite of a challenging macro backdrop. Calix has already delivered a strong 2022 through its high exposure and dominant share in U.S. rural fiber projects and the company remains "in its infancy" of upsell for the Calix Cloud software product, the analyst tells investors.