Calix price target lowered to $70 from $75 at Rosenblatt

Rosenblatt analyst Mike Genovese lowered the firm’s price target on Calix (CALX) to $70 from $75 and keeps a Buy rating on the shares. Calix turned in its eight consecutive quarter of sequential revenue growth, and is likely to continue to grow into the foreseeable future, the analyst tells investors in a research note. The main thing bearish investors are nitpicking was the mix shift to Verizon (VZ) from small customers, and to infrastructure products from customer premises equipment, says the firm. However, Rosenblatt says nothing unexpected happened in the quarter and that Calix is showing "great execution." The firm dropped the price target reflect multiples in the space coming down.