Market Overview

Nomura Equity Research Reiterates Neutral Rating, $35 PT on Analog Devices

Share:
Related ADI
The Market In 5 Minutes
ON Semiconductor Lowered From Outperform To Underperform At Credit Suisse

In a report published Wednesday, Nomura Equity Research reiterated its Neutral rating and $35.00 price target on Analog Devices (NASDAQ: ADI).

Nomura Equity noted, “FQ4 results were weak. Revenue of $695mn came in slightly below the mid-point of guidance ($685-715mn). Gross margin of 63.8% was 120bps below guidance. EPS, excluding the benefits of a lower tax rate, of $0.54 was $0.03 below our estimate of $0.57. The gross margin miss was a standout for the quarter. We believe the lower margin was likely due to product mix (consumer revenue was up 28% qoq) and lower factory utilization. That being said, the company managed to lower inventory days from 121 days in FQ3 to 114 days in FQ4.”

Analog Devices closed on Tuesday at $40.11.

Latest Ratings for ADI

DateFirmActionFromTo
Apr 2017Stephens & Co.UpgradesEqual-WeightOverweight
Mar 2017Credit SuisseReinstatesOutperform
Feb 2017Wells FargoDowngradesOutperformMarket Perform

View More Analyst Ratings for ADI
View the Latest Analyst Ratings

Posted-In: Nomura Equity ResearchAnalyst Color Reiteration Analyst Ratings

 

Related Articles (ADI)

View Comments and Join the Discussion!