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Harmonic Analysts Cut Their Forecasts After Q4 Results

Published 30/01/2024, 18:31
© Reuters.  Harmonic Analysts Cut Their Forecasts After Q4 Results
HLIT
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Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Harmonic Inc. (NASDAQ: HLIT) reported upbeat earnings for its fourth quarter on Monday.

Harmonic posted adjusted earnings of 13 cents per share, beating market estimates of 10 cents per share. The company’s quarterly sales came in at 167.09 million versus expectations of $159.80 million, according to data from Benzinga Pro.

"Harmonic finished 2023 with another quarter of solid performance, including record total company and Broadband revenue, driven by strong demand for our market-leading technology solutions," said Patrick Harshman, president and chief executive officer of Harmonic. "Our robust backlog at year-end reflects continued demand from our large Broadband customers and growing Video SaaS commitments, positioning us well for this year and beyond."

Harmonic shares gained 3.3% to trade at $12.02 on Tuesday.

These analysts made changes to their price targets on Harmonic after the company reported quarterly results.

  • Raymond James cut the price target on Harmonic from $19 to $18. Raymond James analyst Simon Leopold maintained a Strong Buy rating.
  • Rosenblatt lowered Harmonic price target from $18 to $16. Rosenblatt analyst Steve Frankel maintained a Buy rating.

Now Read This: Meta To Rally Around 16%? Here Are 10 Top Analyst Forecasts For Tuesday

Latest Ratings for HLIT

DateFirmActionFromTo
Nov 2021NeedhamMaintainsBuy
Nov 2021Raymond JamesMaintainsOutperform
Aug 2021Raymond JamesMaintainsOutperform
View More Analyst Ratings for HLIT

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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