MaxLinear price target lowered to $37 from $55 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on MaxLinear to $37 from $55 and keeps a Buy rating on the shares. The firm notes MaxLinear’s guide was worse than feared, as inventory burn in Broadband & Connectivity is harsher than expected. It’s clear MaxLinear is shipping well below demand this year, although demand is still in question given the macro, Craig-Hallum adds. As such, the firm believes investors need to look at 2024 for a better view, and with cost discipline that MaxLinear has shown in the past and only modest growth, Craig-Hallum sees the stock as too cheap in the $26 range it hit in the aftermarket.