Story updated at 10 a.m. to reflect market activity.
Maxim fell 0.4% to $32.87 in morning trading.
The firm raised its price target for the chipmaker to $40 from $35. Analysts Atif Malik and Amanda Scamati said the upgrade was due to new product design wins.
"MXIM has gained $ content in the Samsung S5 (biosensor) and is looking to build upon its audio amplifier win in the iPad Air for Apple's (AAPL) next gen iPhone 6," the analysts wrote.
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Separately, TheStreet Ratings team rates MAXIM INTEGRATED PRODUCTS as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAXIM INTEGRATED PRODUCTS (MXIM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: