UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Analog Devices on FY1Q13 EPS
In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Analog Devices (NASDAQ: ADI), and raised its price target from $41.00 to $45.00.
BMO Capital Markets noted, “ADI reported FY1Q13 EPS in line with our expectation of $0.44, with slightly lower revenues offset by higher GM and a lower tax rate. F1Q revenues were $622 million, down 10% q-q vs. our expectation of $632 million, down 9% q-q. For F2Q, at the midpoints, the company guided for revenues of $659 million, up 6% q-q, and EPS of $0.52. We had been expecting F2Q revenues of $670 million, up 6% q-q, and EPS of $0.53.”
Analog Devices closed on Tuesday at $47.01.
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