Calix's Valuation Revisited: Undervalued After 19% Pullback and 60% YTD Rally

Calix (CALX) has pulled back 19% in the past month despite a 60% year-to-date return, prompting investors to revisit its valuation. The company's strong growth story remains intact, but momentum is cooling. With shares trading at a discount to analyst targets, investors must determine if Calix is undervalued or if the market has already priced in its future growth. The most popular narrative suggests a fair value of $79.50, implying significant upside. However, execution risk around AI platform adoption and competition from larger players could challenge this valuation case.