We Are Raising Our FVE for Maxim Integrated to $41 From $37; Maintaining Our Wide Moat Rating
We have taken a fresh look at Maxim Integrated and have raised our fair value estimate to $41 from $37, based on the time value of money and modestly more optimistic long-term gross margin assumptions, although we're still not as bullish as management on future revenue growth and, in turn, operating leverage. We will maintain our wide moat rating for the firm. Although shares still appear a bit pricey to us, we would recommend Maxim if a potential pullback were to arise, as the company remains a...Maxim Integrated Products designs, develops, manufactures and markets a range of linear and mixed-signal integrated circuits, referred to as analog circuits. The company's linear and mixed signal products serve the Automotive, Communications and Data Center, Computing, Consumer, and Industrial end-markets. The company primarily utilizes third party foundries as well as its own wafer fabrication facilities for the production of its wafers. The company markets its products worldwide through a direct-sales and applications organization and through its own and other unaffiliated distribution channels.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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