In a report released today, Ryan Koontz from Needham maintained a Buy rating on Harmonic (HLIT – Research Report), with a price target of $18.00.
Ryan Koontz has assigned Harmonic’s stock (HLIT) a Buy rating, considering a multitude of elements that support the company’s growth prospects. Despite the anticipated further delay in Charter’s nationwide network upgrade due to challenges with network architecture, particularly in supporting broadcast video, Koontz’s outlook on Harmonic remains positive. The delay, while impacting the revenue forecast for 2024, has not altered the competitive landscape or the long-term growth narrative for Harmonic.
Koontz’s confidence is bolstered by the fact that other tier 1 operators have already commenced their network upgrades with Harmonic and are expected to contribute to near-term growth. These developments underpin the belief that Harmonic’s stock retains strong potential, leading to the maintained Buy rating. His revised financial projections now stand at $708.8 million in revenue and $0.73 in earnings per share for the fiscal year 2024, indicating a modest adjustment yet maintaining an overall positive trajectory for the company.
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Harmonic (HLIT) Company Description:
Harmonic, Inc. engages in the development and sale of video delivery software, products, system solutions, and services. It operates through the Video and Cable Edge segments. The Video segment sells video processing and production and playout services to cable operators, satellite and telecommunications pay-TV service providers, and broadcast and media companies, including streaming new media companies. The Cable Edge segment markets cable access solutions and related services, such as CableOS software-based Converged Cable Access Platform (CCAP) solutions. The company was founded in June 1988 and is headquartered in San Jose, CA.
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