UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Analog Devices on Soft 1Q13 Results

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Analog Devices

, and raised its price target from $39.00 to $45.00. Deutsche Bank noted, “Solid execution continues. ADI delivered slightly soft 1Q13 results (EPS in-line on better GM, taxes), but provided above-seasonal 2Q guide as the co cited a bookings uptick in January and signs of recovery in the Industrial end-mkt. While we agree that F1Q likely marks a cyclical bottom and the co's execution on product cycles/margins remains solid, we believe our ests (better than seasonal F2Q-4Q) and the current valuation (CY13 P/E of ~19x) appropriately reflect such positives. Consequently, we maintain our Hold rating but raise our P/T to $45.” Analog Devices closed on Tuesday at $47.01.