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In a report published Friday, Morgan Stanley analyst Craig Hettenbach reiterated an Equal-Weight rating on
Analog DevicesADI.
In the report, Morgan Stanley noted, “ADI recently traded 10% below the highs reached after the HITT deal and the risk/reward is beginning to skew a bit more favorable. Growth lagged peers through 2013, although has recently been closing the gap. More so, the $2.5bn HITT acquisition was a step in the right direction in terms of using its strong balance sheet. But, with ~$2bn in net cash post the deal, many investors would also like to see an increase in buybacks.”
Analog Devices closed on Thursday at $52.54.
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