UPDATE: ISI Group Reiterates Buy Rating, Raises PT on Analog Devices on April Quarter Outlook
In a report published Wednesday, ISI Group reiterated its Buy rating on Analog Devices (NASDAQ: ADI), and raised its price target from $48.00 to $50.00.
ISI Group noted, “ADI's January quarter sales of $622M came in below the midpoint of guidance as well as our and consensus estimates ($639M/$633M). Contrary to management's initial expectations, sales in all segments fell, with consumer (-22% qoq) pacing the decline, followed by communications (-12% qoq), industrial (-8% qoq), and automotive (-3% qoq). Despite the lower sales, EPS came in at $0.47 ahead of our estimate of $0.46 (Street: $0.45), helped by better gross margins, lower opex, and a more favorable tax rate.”
Analog Devices closed on Tuesday at $47.01.
Latest Ratings for ADI
|Jan 2016||B. Riley||Maintains||Buy|
|Jan 2016||Pacific Crest||Maintains||Overweight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.