UPDATE: Citigroup Downgrades Analog Devices to Buy; Rotating Out of Defensive Plays
Citigroup reduced its rating on Analog Devices (NASDAQ: ADI) from Buy to Neutral and reiterated its $45 price target.
Citigroup noted, "We downgrade ADI to Neutral from Buy – on valuation and as the 10% ETR no longer justifies a Buy rating. Our thesis on ADI as a core quality analog holding has played out with ADI stock outperforming SOX and SP500 by ~1500bps and ~600bps on YTD basis respectively. … We maintain a consistent valuation framework and maintain our $45 target price based on our forecasts and target multiples."
Analog Devices closed at $42.02 on Wednesday.
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