Harmonic Analysts Cut Their Forecasts After Q4 Results
Portfolio Pulse from Avi Kapoor
Harmonic Inc. (NASDAQ:HLIT) exceeded Q4 earnings and revenue expectations, posting adjusted earnings of 13 cents per share and sales of $167.09 million, against estimates of 10 cents per share and $159.80 million, respectively. Despite the strong results, analysts from Raymond James and Rosenblatt reduced their price targets for HLIT, with Raymond James maintaining a Strong Buy rating and Rosenblatt maintaining a Buy rating. HLIT shares rose 3.3% to $12.02 following the earnings report.
January 30, 2024 | 6:31 pm
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NEUTRAL IMPACT
Harmonic Inc. reported higher-than-expected Q4 earnings and revenue, but analysts from Raymond James and Rosenblatt reduced their price targets for the stock. The stock price increased following the earnings announcement.
While Harmonic Inc. surpassed earnings and revenue estimates, the reduction in price targets by analysts could signal a cautious outlook on the stock's future performance. However, the positive earnings report and the maintained buy ratings suggest underlying strength, which is why the stock price rose. The mixed signals from earnings success and reduced price targets create uncertainty, leading to a neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100