In a report published Wednesday, Sterne Agee Group reiterated its Neutral rating on Analog Devices ADI, but lowered its price target from $41.00 to $39.00.
Sterne Agee noted, “ADI had an in-line OctQ but guided JanQ down 6-12% q/q versus consensus of down 2% q/q. Industrial orders as noted by peers and in our previews weakened significantly into Nov-Dec; we estimate down 14% q/q. Automotive continues to be a tailwind with focus on automotive safety/stability. GMs guided down ~180bps q/q as ADI adjusts fab utilizations. We believe one of the bigger drawbacks for ADI is the ~32% exposure to Europe where orders are still contracting. Lowering estimates and PT to $39.”
Analog Devices closed on Tuesday at $40.11.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in