Small-cap RF semiconductor specialist MaxLinear (MXL) has looked a bit more mortal of late, what with the shares falling about 25% from their 52-week high, but the stock continues to outperform the broader semiconductor space since my last update, and the company continues to deliver beat-and-raise quarters on the back of exceptional results in what the company used to call its "Connected Home" business (now Broadband and Connectivity).
Given share takeaways from Broadcom (AVGO) and the potential in the large, mostly new, PON market, I really like the prospect for ongoing growth in those core Connected Homes businesses, and the 5G business is coming along nicely as well. I'm less bullish on the company's prospects in PAM4, but that's nothing new and it's an area of potential outperformance. With the business continuing to improve and the valuation/stock performance flattening out a bit, the opportunity here is looking quite a bit more interesting to me now.
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MaxLinear Continues To Execute Remarkably Well In Connected Home
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