Calix price target lowered to $65 from $70 at JPMorgan

JPMorgan analyst Samik Chatterjee lowered the firm’s price target on Calix (CALX) to $65 from $70 and keeps an Overweight rating on the shares post the Q1 report. The company’s outlook for Q2 suggests its higher revenue is being offset by memory cost pressure, leading to weaker earnings, the analyst tells investors in a research note. The firm expects investors to focus on Calix’s ability to return to its typical gross margin trajectory.