Jefferies Maintains a 'Hold' on Analog Devices (ADI); Order Improvement a Trend?

Jefferies maintains a 'Hold' on Analog Devices (NASDAQ: ADI) price target of $44.00 (from $41.00).

Analyst, Mark Lipacis, said, "ADI posted EPS $0.01 below consensus. OctQ rev outlook is 250bps below and EPS $0.04 below consensus. Consistent with our bullish view of the industry, ADI indicated improving distributor orders in July, although the CEO didn’t want to make the leap we do. We like the cash flow, 3% dividend yield and consumer visibility and expect ADI to appreciate, but prefer operating leverage and product cycle stories at this part of the cycle."

FY12 EPS Estimate lowered by $0.01 to $2.11 and FY13 from $2.62 to $2.48.

For an analyst ratings summary and ratings history on Analog Devices click here. For more ratings news on Analog Devices click here.

Shares of Analog Devices closed at $40.34 yesterday.

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