Harmonic price target raised to $18 from $17 at Needham

Needham raised the firm’s price target on Harmonic (HLIT) to $18 from $17 and keeps a Buy rating on the shares. The company delivered very strong Q1 results, with its Broadband segment beating consensus revenue and EPS estimates by 20% and 5c respectively while delivering a 4th consecutive quarter of sequential growth, the analyst tells investors in a research note. Rest of Market – non-Comcast/Charter – was also a highlight with 78% y/y growth, indicating much desired customer diversification, the firm added.