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.
(Click to enlarge)
The ratings table was provided by Benzinga Professional, a premium service that provides traders and investors with real-time headlines and analysis covering earnings reports, M&A, IPOs, rumors and much more. Start a 14-day trial today to gain access to important coverage that is moving the markets.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email firstname.lastname@example.org with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
Disclosure: The author holds no position in the stocks mentioned.
Latest Ratings for ADI
|Apr 2017||Stephens & Co.||Upgrades||Equal-Weight||Overweight|
|Mar 2017||Credit Suisse||Reinstates||Outperform|
|Feb 2017||Wells Fargo||Downgrades||Outperform||Market Perform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.