Calix

CALX · NYSE

$36.08+$0.44 (+1.23%)TodayMarket closed · Oct 20, 6:30 PM ET

Prev close $35.64

CALX analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 9 analysts

Average $63.64 (+76.4% upside)

Low: $52.52
Now: $36.08
High: $89.25

Upgrades and downgrades

The latest rating actions, newest first

CALX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Rosenblatt	Jul 23, 2026	Maintains	Buy	$55.00	56%
JP Morgan	Jul 22, 2026	Maintains	Overweight	$65.00 → $58.00	70%
Northland Capital Markets	Jul 21, 2026	Upgrade	Market Perform → Outperform	$52.00	71%
Rosenblatt	Jul 21, 2026	Maintains	Buy	$70.00 → $55.00	56%
Rosenblatt	Jun 10, 2026	Maintains	Buy	$70.00	56%
Rosenblatt	Apr 23, 2026	Maintains	Buy	$70.00	56%
Needham	Apr 23, 2026	Maintains	Buy	$70.00 → $62.00	50%
JP Morgan	Apr 22, 2026	Maintains	Overweight	$70.00 → $65.00	70%
Rosenblatt	Apr 22, 2026	Maintains	Buy	$70.00	56%
JP Morgan	Apr 16, 2026	Maintains	Overweight	$90.00 → $70.00	70%

The case for and against

Updated Oct 14, 2026

Bull case

Calix is well positioned because its Calix One AI-native platform is driving stronger customer adoption, faster RPO growth, and a broader commercial opportunity across subscriber acquisition, loyalty, and monetization. 2Q26 showed the model’s momentum with revenue up 21% Y/Y to $293mn, RPOs up 11% Y/Y to $386mn, and Software & Services gross margin improving to 63.8%, while management expects 3Q26 to mark the bottom for total gross margins before recovery in 4Q26. The outlook also benefits from operating leverage, with 2027 Opex targeted to grow at half the pace of revenue, plus potential upside from BEAD and international expansion even as memory-related Hardware pressure remains a temporary drag.

Bear case

Calix is facing a deteriorating gross margin profile as Appliance GM fell to 52.9% in 2Q26 from 57.2% in the prior quarter, pressured by higher memory costs, delayed surcharge implementation, and management’s choice not to re-price backlog and committed orders. With surcharge recovery still low in 3Q26 and total gross margin expected near ~52%, the company’s profitability is likely to remain under pressure even as cash fell to $194mn after $69.4mn of buybacks and inventory turns slipped to 2.7x, below its 3 to 4 target model. The bearish view is also reinforced by macro slowdown risk, competition from satellite and fixed wireless, dependence on more than $40bn of broadband stimulus, and uncertainty that Agentic AI will meaningfully accelerate revenue and margins.

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