UPDATE: Citi Lowers Analog Devices' PT

According to a research report published this morning, Citi has lowered Analog Devices' 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.