Calix price target lowered to $78 from $90 at Cowen

Cowen analyst Paul Silverstein lowered the firm’s price target on Calix to $78 from $90 and keeps an Outperform rating on the shares. The analyst said its upward margin trajectory appears back on track and revenue growth remains impressive. While we have moderated our outlier Street high estimates, our view remains unchanged as to growth and EPS far exceeding investor expectations.