Benzinga - Harmonic Inc (NASDAQ: HLIT) shares are trading lower by around 21% after yesterday's second-quarter results. Several analysts reduced the price target post-Q2 2023 earnings miss.
Harmonic reported adjusted EPS of $0.12, missing the consensus of $0.13, and sales of $156.00 million missed the analyst estimate of $167.27 million.
The company expects Q3 net revenue of $125 million-$140 million (consensus: $188.6 million) and adjusted EPS of $(0.02) to $0.02 (consensus: $0.19).
Harmonic revised 2023 revenues to $620 million-$660 million (vs. consensus: $723.18 million) and adjusted EPS to $0.38-$0.52 (consensus: $0.69).
Raymond James reduced the price target to $15 from $17 at an Outperform rating.
At a Buy rating, Rosenblatt decreased the price target to $18 from $22, and Needham cut it to $18 from $21.
Needham analyst Ryan Koontz lowered the estimate for revenue and EPS to $653.2 million (from $735.5 million) and $0.48 (from $0.72) for 2023 and $803.1 million (from $911.4 million) and $0.87 (from $1.10) for 2024.
Barclays lowered the price target to $20 from $23 at an Overweight rating.
Price Action: HLIT shares are down 21.9% at $11.65 on the last check Tuesday.
Latest Ratings for HLIT
Nov 2021 | Needham | Maintains | Buy | |
Nov 2021 | Raymond James | Maintains | Outperform | |
Aug 2021 | Raymond James | Maintains | Outperform |
View the Latest Analyst Ratings
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