So far, the market seems to like Analog Devices, Inc. ADI’s $14.8 billion buyout of chipmaker Linear Technology Corporation LLTC. Analog’s share price has jumped more than 6.7 percent in the past five trading sessions.
News of the big deal drove several rating and price target changes among Wall Street firms:
- Barclays maintains its Equal-Weight rating, but raised its price target from $55 to $64.
- Goldman Sachs upgraded Analog from Sell to Neutral and upped its price target from $50 to $60.
- Evercore ISI Group upgraded the stock from Hold to Buy.
- Oppenheimer upgraded Analog from Market Perform to Outperform.
- Morgan Stanley upgraded the stock from Equal Weight to Overweight and raised its price target from $56 to $78, the highest target of the bunch.
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Citigroup was unimpressed by the deal and issued the lone downgrade of Analog, dropping its rating from Buy to Neutral. The firm also raised its price target from $60 to $68.
Analog Devices is expected to release Q2 earnings on August 17.
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