MaxLinear price target lowered to $34 from $48 at Needham

Needham analyst Quinn Bolton lowered the firm’s price target on MaxLinear to $34 from $48 and keeps a Buy rating on the shares. The analyst cites the company’s "big guide-down" in Q2 revenue as the inventory in the channel is greater than anticipated and is leading to a "deeper for longer" inventory correction. Once MaxLinear is through the inventory correction by Q4 however, Needham believes that growth will resume, driven by WiFi share and content gains, fiber/PON gateway ramps, and infrastructure growth.