Harmonic Sings Happy Tune10/26/2003 7:00 PM Eastern
Rodman & Renshaw analyst Daniel Ernst maintained his "market outperform" rating on Harmonic Inc. after a strong third-quarter revenue report.
Harmonic beat Ernst's third-quarter revenue target of $46 million by $1 million. Strong sales in systems supporting VOD and HDTV and the continuing upgrade of Comcast Corp. cable systems helped boost sales at the CS division (which makes digital headends) and Broadband Access Networks division (which makes fiber-optic products for cable networks) by 7% and 26%, respectively.
Ernst raised his fourth-quarter revenue estimates to $53 million from $51 million, and left his full-year 2004 revenue target unchanged at $230 million, as the Comcast upgrade winds down.