Calix Q1 guidance disappointing, says Roth MKM

Roth MKM keeps a Buy rating and $57 price target on Calix while noting that the company followed a Q4 earnings beat with a “disappointing” Q1 outlook as government programs ACAM and BEAD are causing customer delays. Lower costs should mitigate some of the damage, but 2024 appears to be a transition year, with growth rate seen below the prior 5%-15% target, the analyst tells investors in a research note.