Analysts React To Analog Devices' Linear Purchase
So far, the market seems to like Analog Devices, Inc. (NASDAQ: ADI)’s $14.8 billion buyout of chipmaker Linear Technology Corporation (NASDAQ: 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.
- 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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Disclosure: The author holds no position in the stocks mentioned.
Latest Ratings for ADI
|Nov 2016||Bank of America||Upgrades||Neutral||Buy|
|Nov 2016||Deutsche Bank||Maintains||Hold|
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