MaxLinear price target lowered to $28 from $34 at Needham

Needham lowered the firm’s price target on MaxLinear to $28 from $34 but keeps a Buy rating on the shares. The company slightly missed its Q3 estimates and guided Q4 well below expectations as heavy channel inventory digestion in the Broadband and Connectivity segments clouds near-term visibility, the analyst tells investors in a research note. Even on reduced estimates of 2024 EPS at 85c vs. $1.50 prior however, the valuation multiple being applied to MaxLinear shares is conservative, the firm added.