CALX (Upgrade to Outperform) – Raising PT to $14 and materially raising estimates ahead of the street: C’19 rises $10M and 30c to $482M and 36c (street 15c last night) and C’20 by $40M and 89c to $535M and $1.06 (street 26c). Not a call on last night’s Q (which was strong) we see a looming inflection in revenue growth and margins from CALX’s new AXOS, EXOS and Cloud platforms that has secured wins with both VZ and CityFibre that both validate the technology and drive at least $50M and potentially $75-$100M/yr in higher margin sales. $14 PT ~1.5x EV/Revs on 2020 discounted back or 14x C’20 EPS.
Cowen_CALX.pdf#
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