Morgan Stanley Sees In-Line Analyst Day for Analog Devices

In a report published Thursday, Morgan Stanley analyst Craig Hettenbach reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “We are Equal-weight on ADI as we believe the elements of the company's story are better understood today and we see greater upside in stocks where business transformations are less apparent to the Street, such as LLTC and FCS. ADI has executed well and driven structurally higher margins (peak OM of 37.1% in the last cycle vs. 24.8% previously). That said, there is less controversy around its margins today compared to the skepticism in the middle of last decade that had provided an opportunity in the stock.” Analog Devices closed on Wednesday at $55.70.