MaxLinear price target lowered to $20 from $28 at Benchmark

Benchmark lowered the firm’s price target on MaxLinear (MXL) to $20 from $28 and keeps a Buy rating on the shares. The firm lowered its price target to reflect sector-wide multiple compression, but despite macro headwinds views MaxLinear as undervalued given it is trading at about a40% discount to peers and the firm sees its growth outlook as intact, the analyst tells investors.