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Why Harmonic Shares Are Diving Today

Published 01/08/2023, 19:43
Updated 01/08/2023, 21:10
© Reuters.  Why Harmonic Shares Are Diving Today

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

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

View the Latest Analyst Ratings

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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