UPDATE: Credit Suisse Upgrades Analog Devices to Outperform, Raises PT
In a report published Monday, Credit Suisse Group upgraded its rating on Analog Devices (NASDAQ: ADI) from Neutral to Outperform, and raised its price target from $38.00 to $48.00.
Credit Suisse noted, “We are upgrading ADI to OUTPERFORM from NEUTRAL and raising our target price to $48 from $38. Given our structural concerns surrounding Consumer Tech and our expectations for a significant deceleration in the Handset market going forward, we view "Not Consumer" as an investible theme for 2013. With 80% of its revenue levered to the Industrial, Auto and Infrastructure markets (IAI), we believe ADI is poised to see better relative growth than peers in 2013 - note the avg. co. in our universe has 39% of rev exposed to IAI. In addition to better growth, we expect better relative ROI as many digital/consumer Semi companies struggle with the increasing costs and complexity of moving down Moore's law. Better growth and ROI should support relative multiple expansion and our $48 TP - 16.5x our 2013 EPS plus $10 in net cash per share.”
Analog Devices closed on Friday at $42.26.
Latest Ratings for ADI
|Jul 2015||Drexel Hamilton||Downgrades||Buy||Hold|
|Jun 2015||Credit Suisse||Maintains||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.