These Analysts Slash Their Forecasts On Calix After Q1 Results

Calix Inc CALX reported mixed first-quarter financial results, after the closing bell on Monday.

Calix reported a first-quarter FY24 sales decline of 9.5% year-on-year to $226.31 million, missing the analyst consensus estimate of $228.139 million. Adjusted EPS of 21 cents beat the consensus estimate of 20 cents, according to data from Benzinga Pro.

Gross margin for the quarter expanded 300 basis points to 54.2% and the gross profit dropped 4.3% to $122.6 million.

Calix said it sees second-quarter revenue of $197 million – $203 million (consensus $232.76 million) and gross margin of 53.55% – 55.55%. Calix expects second-quarter adjusted EPS of $0.03 – $0.09 versus an estimate of $0.24.

Calix shares fell 5.2% to close at $28.03 on Tuesday.

These analysts made changes to their price targets on Calix following earnings announcement.

• Needham cut the price target on Calix from $50 to $45. Needham analyst Ryan Koontz maintained a Buy rating.
• Roth MKM slashed the price target on Calix from $50 to $43. Roth MKM analyst Scott Searle maintained a Buy rating.
• On Tuesday, Rosenblatt analyst Mike Genovese maintained Calix with a Buy and lowered the price target from $45 to $35.

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