UPDATE: Deutsche Bank Lowers PT on Analog Devices on Continued Slow Recovery

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Analog Devices ADI, but slightly lowered the price target from $45.00 to $44.00.

In the report, Deutsche Bank noted, “Slow recovery continues. ADI delivered F2Q13 results in-line with DBe/Street, but similar to its peers guided for a slightly subseasonal F3Q that was below DB/Street ests. The company continues to see a solid recovery from Industrial customers but given short lead times and an uncertain global recovery the company has taken a somewhat cautious view of other markets in its flat to slightly up q/q rev guidance. We reduce our ests & P/T and maintain Hold rating: despite strong execution and profitability, growth remains anemic and valuation fair.”

Analog Devices closed on Tuesday at $46.56.