UPDATE: Canaccord Genuity decreases PT on Analog Devices to $42

According to a research report this morning, Canaccord Genuity decreases its PT on Analog Devices

from $48 to $42. Canaccord Genuity explained, “ADI delivered upside to consensus revenue and EPS, driven by stronger than expected industrial demand, as customers began to order to consumption following a multi-quarter period of inventory depletion. We also note that wired and wireless infrastructure saw increased demand, notably picking up toward the exit of the quarter.” ADI closed yesterday at $35.80 as Canaccord Genuity reiterates its Buy rating.