Calix price target raised to $38 from $35 at Jefferies

Jefferies raised the firm’s price target on Calix (CALX) to $38 from $35 and keeps a Hold rating on the shares. The company reported good Q4 results and the trend towards an increasingly competitive broadband services market favors Calix, the analyst tells investors in a research note. Jefferies says that although it agrees carriers may increasingly pivot to Calix Cloud, a maturing end market “remains a concern.” However, management seems to be deemphasizing Broadband Equity Access and Deployment Program in its conversations with investors, which is a positive as its a 2026 event, contends the firm. Jefferies still finds it hard to justify a bigger premium valuation for Calix given the size of its stock comp expense.