Harmonic Inc. HLIT surprised the market with robust fourth-quarter earnings, announcing adjusted earnings of 13 cents per share, which exceeded market estimates of 10 cents per share. The company’s fourth-quarter sales came in at 167.09 million, surpassing expectations of $159.80 million, according to Benzinga Pro data.

Patrick Harshman, president and CEO of Harmonic, expressed optimism following the quarterly results, stating, “Harmonic finished 2023 with another quarter of solid performance, including record total company and Broadband revenue, driven by strong demand for our market-leading technology solutions. Our robust backlog at year-end reflects continued demand from our large Broadband customers and growing Video SaaS commitments, positioning us well for this year and beyond.”

Following the report, Harmonic’s shares gained 3.3%, reaching $12.02 on Tuesday, but the response from financial analysts was more varied.

Analysts from Raymond James and Rosenblatt adjusted their price targets on Harmonic in the wake of the reported earnings. Raymond James cut the price target on Harmonic from $19 to $18, maintaining a Strong Buy rating. Rosenblatt lowered their price target from $18 to $16, also maintaining a Buy rating.

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