10:55 AM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We up our 12-month target to $21 from $18 on a P/E of 19.1x our 2025 EPS view, below peers/historical to reflect legal uncertainty. We cut our 2024 per share estimate to a $0.10 loss from $0.44 EPS and 2025's to $1.10 EPS from $1.25 EPS. MXL printed a Q1 LPS of $0.21 vs. $0.01 EPS, better than the $0.22 LPS consensus view. Sales fell 24% from Q4 (-62% from a year ago), hurt by declines in all major markets. We think Q1 was the cyclical trough for MXL, as the company guides for Q2 sequential growth (+5% at the midpoint) and we note it has been significantly under-shipping actual demand. Gross margins remain stable on improving mix and cost cutting. We are becoming incrementally more positive about new product ramps in optical and wireless network, enterprise ethernet and storage accelerators, as well as Wi-Fi connectivity. Still, profitability remains elusive for the time being (could be profitable in 2H), while the pending arbitration filed by Silicon Motion from last year's terminated acquisition is a risk.