MaxLinear price target lowered to $20 from $25 at Craig-Hallum

Craig-Hallum analyst Richard Shannon lowered the firm’s price target on MaxLinear to $20 from $25 and keeps a Hold rating on the shares. MaxLinear’s customers continue to burn inventory while the macro appears to be affecting demand, creating a 4th straight estimate cut, the firm notes. There are some signs of bottoming occurring, as Connectivity should actually grow, but that visibility isn’t there in Broadband. Along with Infrastructure taking a pause after a very strong 2023 year-to-date, it seems like the growth off the bottom is at least a couple quarters away, Craig-Hallum adds.