These Analysts Slash Their Forecasts On Calix After Q1 Results
Portfolio Pulse from Avi Kapoor
Calix Inc (NYSE:CALX) reported mixed Q1 FY24 results with a sales decline of 9.5% YOY to $226.31 million, missing estimates. Adjusted EPS was $0.21, beating estimates by $0.01. Gross margin expanded to 54.2%. Q2 revenue is expected to be between $197 million and $203 million, below the consensus of $232.76 million, with adjusted EPS forecasted at $0.03 to $0.09, significantly under the $0.24 estimate. Following the announcement, Calix shares dropped 5.2%, and analysts from Needham, Roth MKM, and Rosenblatt adjusted their price targets downwards while maintaining Buy ratings.
April 24, 2024 | 12:08 pm
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Calix Inc reported mixed Q1 FY24 results, missing sales estimates but slightly beating EPS expectations. The company's Q2 revenue and EPS forecasts are significantly below consensus, leading to a 5.2% drop in stock price and lowered price targets by analysts.
The mixed Q1 results combined with a disappointing Q2 outlook have directly impacted investor sentiment, leading to a significant stock price drop. Analysts' downward revisions of price targets further indicate a bearish outlook in the short term.
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