Nomura Securities Maintains a 'Neutral' on Analog Devices (ADI); Cutting Outlook on Q3 Review

August 22, 2012 8:52 AM EDT
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Nomura Securities maintains a 'Neutral' on Analog Devices (NASDAQ: ADI) price target of $35.00.

Analyst, Romit Shah, said, "FQ3 (Jul) revenue of $683mn was at the low end of guidance and missed our estimate of $692mn. The miss was driven by both industrial and automotive, which more than offset the strength in communications. Gross margin of 65.6% was roughly in line with our expectations. Operating expenses of $230mn were slightly below plan. Lack of end market momentum drives modest Q4 growth. Our EPS estimate decreases form $2.25 to $2.20 for CY12, and from $2.55 to $2.45 for CY13. Our price target is unchanged at $35, which is based on 14x our CY13 EPS estimate."

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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