MaxLinear price target raised to $13 from $12 at Wells Fargo

Wells Fargo analyst Joe Quatrochi raised the firm’s price target on MaxLinear (MXL) to $13 from $12 and keeps an Equal Weight rating on the shares. The firm notes that elevated valuations into Q2 EPS create a tough setup as modest beat/raises are likely required in fluid macro. Wells believes LOs continue to favor defensive industrial plus analog, while HF positioning leans short.