Work-from-home has continued to be a boon for MaxLinear (MXL), has record growth in 2020 for broadband subscribers has driven strong demand for MaxLinear’s front-end and connectivity solutions, and the acquisition of Intel’s (INTC) Home Gateway business has gone exceptionally well. Less impressive has been the performance in infrastructure, and MaxLinear is going to need that business to step up in 2021.
I thought MaxLinear was priced for in-line performance back in December, and that’s largely what has happened, with the shares modestly outperforming the SOX over the last couple of months. I have raised my revenue and margin expectations, driven in large part by Broadband and Connectivity (the former Connected Home segment), but MaxLinear’s outperformance now seems much more tied to a ramp in the Infrastructure segment, where I see more competitive threats.
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Consumer Broadband Shining For MaxLinear, But Other Businesses Need To Step Up
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