Calix downgraded to Hold from Buy at Jefferies

Jefferies analyst George Notter downgraded Calix to Hold from Buy with a price target of $30, down from $48. The analyst believes the Broadband Equity, Access, and Deployment program will be a major focal point for investors and will continue to push on timing. In addition, there is uncertainty about the timing of Calix’s two larger customers improving, and the company is sustaining aggressive investments in the business, the analyst tells investors in a research note. The firm modestly lowered its software estimates and finds it hard to justify a premium valuation for the shares with stock comp making up a sizable portion of its net income.