UPDATE: Barclays Reiterates Analog Devices at Equal Weight; Trough In Sight

Barclays maintained its Equal Weight rating and $40 price target on Analog Devices

. Barclays noted, "In step directionally but perhaps a bit weaker than buyside expectations, ADI offered cautious commentary on its Jan Q outlook, highlighting macro uncertainty that is weighing, in particular, on industrial demand. Layer in utilization rates tracking to mid to high 50s and consensus estimates will likely move lower (though perhaps not as much as initially feared given lower tax rate/opex outlook). We continue to view ADI as a well-managed, defensive semi story supported by 3% dividend yield, but one with more limited upside at current valuation." Analog Devices closed at $40.11 on Tuesday.