Harmonic Inc. HLIT reported better-than-expected Q4 results.
Harmonic reported quarterly earnings of $0.17 per share, beating analysts’ estimates of $0.14 per share. The company’s quarterly sales came in at $164.33 million, versus expectations of $159.32 million.
The company said it sees FY23 GAAP earnings of $0.37 to $0.53 per share on revenue of $695 million to $735 million.
Harmonic shares dropped 7.2% to trade at $13.18 on Tuesday.
These analysts made changes to their price targets on Harmonic following the release of results.
- Barclays raised the price target on Harmonic from $17 to $20. Barclays analyst Tim Long maintained an Overweight rating on the stock.
- Raymond James cut the price target on Harmonic from $18 to $17. Raymond James analyst Simon Leopold maintained the stock with an Outperform.
- Needham, meanwhile, maintained a $19 price target on the stock. Needham analyst Ryan Koontz reiterated the stock with a Buy.