UPDATE: Sterne Agee Raises PT on Analog Devices Following July Q Report
In a report published Wednesday, Sterne Agee analyst Vijay Rakesh reiterated a Neutral rating on Analog Devices (NASDAQ: ADI), and raised the price target from $41.00 to $44.00.
In the report, Sterne Agee noted, “ADI reported JulyQ at $674M/$0.56, inline with Consensus. Strength in the quarter was from Communications up 12% q/q, while Industrial-Auto was flattish. ADI guided OctQ modestly below the Street noting flattish industrial orders in U.S-Europe. Also, a renewed focus on shareholder return with 80% of FCF to dividends-buybacks versus prior 60%. ADI also seeing a lower 2014 Tax rate at 14-15% versus our prior 18%. Raising our EPS primarily on lower tax rate and PT to $44.”
Analog Devices closed on Tuesday at $47.85.
Latest Ratings for ADI
|Jan 2016||B. Riley||Maintains||Buy|
|Jan 2016||Pacific Crest||Maintains||Overweight|
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