Stifel expects Calix to benefit in 2016 from the CAF II payments awarded to several of its customers. Target $10.

Craig-Hallum analyst Christian Schwab lowered the firm's price target on Calix to $41 from $48 and keeps a Buy rating on the shares. The firm notes Calix lowered its forward expectations for the second quarter in a row, blaming large customer spending patterns. Combined, the company's medium and large customers went from driving $77M in revenue in Q4 2023, to $43M in Q1, and are expected to be down roughly 50% sequentially in Q2 to near $20M, Craig-Hallum adds. Management believes Q2 will be the bottom for the company's topline results, with its medium and large customers now at a level that can eventually return to growth.

The company is speaking on its Q1 earnings conference call.