UPDATE: Citi Lowers Analog Devices' PT
According to a research report published this morning, Citi has lowered Analog Devices' (NASDAQ: ADI) PT from $46 to $41.
Citi commented in the report, "ADI's F3Q-Jul sales outlook provided on 5/22 undershot our and the Street's prior expectation due to a decelerating industrial recovery. Contrasting AVGO's mid-teens guidance on Asia picking up, ADI's industrial should grow low-single digits reflecting macro uncertainty in Europe where ADI has meaningful exposure. Notably, GM expansion started to materialize with a 200bps bump in Apr-Q helped by favorable mix toward industrial and higher loading."
Citi maintains its Buy rating on Analog Devices, which closed yesterday at $36.15.
Latest Ratings for ADI
|Apr 2016||Raymond James||Downgrades||Strong Buy||Outperform|
|Mar 2016||Drexel Hamilton||Initiates Coverage on||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.