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Harmonic

HLIT · NASDAQ

$11.08+$0.25 (+2.31%)TodayMarket closed ·
Prev close $10.83

HLIT analyst rating

BuyConsensus of 3 analysts over the last 12 months. 67% rate it a buy.
  • Strong buy0
  • Buy2
  • Hold1
  • Underperform0
  • Sell0

12-month price target · 9 analysts

Average $16.47 (+48.6% upside)

Low
$8.08
Now
$11.08
High
$21.00

Upgrades and downgrades

The latest rating actions, newest first

HLIT analyst upgrades, downgrades and rating actions
FirmDateActionRating
RosenblattOct 1, 2026MaintainsBuy
RosenblattSep 16, 2026MaintainsBuy
BarclaysAug 13, 2026MaintainsEqual-Weight
RosenblattAug 13, 2026MaintainsBuy
RosenblattJun 15, 2026MaintainsBuy
RosenblattMay 12, 2026MaintainsBuy
BarclaysMay 12, 2026MaintainsEqual-Weight
NeedhamMay 12, 2026MaintainsBuy
RosenblattMar 27, 2026MaintainsBuy
RosenblattFeb 20, 2026MaintainsBuy

The case for and against

Updated Oct 14, 2026

Bull case

Harmonic is well positioned for sustained growth because its business is expanding beyond a narrow DOCSIS/Cable narrative into fiber and software, with 56 fiber customers and a growing portfolio that could lift fiber from 14% of revenue in 2026 to 40% in 2029 while software reaches 10%. Its record backlog and deferred revenue of $587.6M, up 71% Y/Y, plus Q2 revenue of $133.5M (+53.5% Y/Y), EPS of $0.21, and 48.2M activated modems highlight accelerating adoption, strong execution, and improving visibility. The transition to next-generation broadband at Comcast, Charter, and smaller operators, combined with 161 live customers and a 1.1x book-to-bill, supports the view that Harmonic can sustain growth and margin expansion despite historic volatility.

Bear case

Harmonic is exposed to severe customer concentration, with Comcast accounting for 59% of revenue in 2025 and the top 2 customers contributing 63% in the most recent quarter, leaving results highly vulnerable to any spending pause, renegotiation, or loss of a major account. Its broadband thesis also depends on CableOS gaining broad adoption by the industry’s largest players, which can create dependence on a handful of scale customers rather than a diversified revenue base. While the transition to a pure-play broadband company may support a low-20s PE, the combination of concentrated demand and the risk of active user stagnation or decline in its broader ecosystem points to fragile fundamental momentum.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.