Harmonic Likely To See Upside After Securing Comcast Deal And Emerges As Front-Runner For Charter Win, Analysts Say

分析師表示，諧波在獲得康卡斯特交易後可能看到上升，併成爲爭取Charter勝利的領跑者。

Benzinga Real-time News · 2023/01/31 12:52

Needham analyst Ryan Koontz reiterated Harmonic Inc (NASDAQ:HLIT) with a Buy and maintained a $19 price target.
HLIT reported a strong 4Q22. Revenue and Non-GAAP EPS of $164.3 million and $0.17 beat consensus estimates.
Comcast Corp (NASDAQ:CMCSA) carried the quarter at 48% customer concentration, sure to concern investors that other tier 1 CableOS software deployments are not scaling as quickly.
Book/bill of 0.79 declined from 1.1 last quarter, while total backlog and deferred revenue of $457.1 million (+4% Y/Y -7% Q/Q) reflected normalization of post-pandemic customer ordering patterns.
The 1Q23 and F23 guidance was described as "conservative" and assumes little contribution from new cable customer wins and reflects the transition in video from license to subscription revenue.
The analyst's F23 estimates decline -2%/-$.09, and introduced F24 revenue/EPS numbers at $873 million/$1.00.
Despite a softer outlook for C23 than hoped, management exhibited a quietly confident tone the analyst believe indicates confidence in ramping wins from existing CableOS wins, a meaningful upside to C23 guidance, and a substantial likelihood of success at Charter Communications, Inc (NASDAQ:CHTR).
Raymond James analyst Simon Leopold maintained an Outperform and lowered the price target from $18 to $17.
The analyst's thesis regarding Harmonic's leading position in the evolution of broadband networks remains intact, but those seeking instant gratification may be disappointed.
The primary negative element stems from the more significant erosion of Harmonic's video segment, but management maintained and expressed confidence in its 2025 outlook.
With Comcast secured, investor focus has shifted to Charter.
Charter's plan calls for virtual CCAP and DAA deployment in 2024, which the analyst saw as the actual prize that Harmonic has yet to secure. However, in his view, it remains the clear front-runner.
Price Action: HLIT shares traded lower by 6.90% at $13.22 on the last check Tuesday.

Needham分析師Ryan Koontz重申了諧波公司（納斯達克:HLIT）的買入評級，並維持19美元的目標價。
諧波公司報告了強勁的2022年第四季度。營業收入和非GAAP每股收益爲16430萬和0.17，超出市場預期。
康卡斯特公司（納斯達克:CMCSA）在48%的客戶集中度下完成了本季度，這無疑讓投資者擔憂其他一級CableOS軟件的部署速度沒有那麼快。
本季度的賬單/訂單比率爲0.79，較上季度的1.1有所下降，而總未完成訂單和遞延收入爲45710萬（同比增長4%-環比下降7%），反映了疫情後客戶訂單模式的正常化。
2023年第一季度和2023財年的指引被描述爲"保守的"，並假設來自新有線客戶的貢獻很小，同時反映了從許可變更爲訂閱收入的視頻轉型。
分析師的2023財年預估下降了2%/-0.09，並引入了2024年的營業收入/每股收益數據，分別爲87300萬/1.00。
儘管C23的前景比預期軟，管理層表現出一種低調自信的語氣，分析師認爲這表明了對現有CableOS項目獲勝後續增加的信心，對於C23指引的顯著上行，以及在特許通訊公司（納斯達克:CHTR）獲得成功的極大可能性。
Raymond James分析師Simon Leopold維持了跑贏大盤的評級，並將目標價從18美元下調至17美元。
分析師關於諧波在寬帶網絡演進中領先地位的論點依然有效，但是對於那些追求即時滿足的人來說，可能會感到失望。
主要的負面因素源於諧波視頻部門的更大程度的萎縮，但管理層保持了對2025年前景的信心。
隨着康卡斯特的支持，投資者的關注轉向了特許通訊。
特許通訊的計劃要求在2024年部署虛擬CCAP和DAA，分析師認爲這實際上是諧波尚未獲得的真正獎賞。然而，在他看來，它依然是明顯的領先者。
價格動態：在最後一次檢查時，HLIt股價下跌6.90%，報13.22美元。

譯文內容由第三人軟體翻譯。

以上內容僅用作資訊或教育之目的，不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。

Harmonic Likely To See Upside After Securing Comcast Deal And Emerges As Front-Runner For Charter Win, Analysts Say

Harmonic Likely To See Upside After Securing Comcast Deal And Emerges As Front-Runner For Charter Win, Analysts Say

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