UBS Cuts Price Target and Estimates on Analog Devices (ADI); Good Q2, But Slowing Growth in N-T

May 23, 2012 10:36 AM EDT Send to a Friend
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Price: $56.75 -0.54%

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    8 Buy, 18 Hold, 0 Sell

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    Up: 14 | Down: 28 | New: 51
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UBS maintains a 'Neutral' on Analog Devices (NASDAQ: ADI) price target lowered from $40 to $38.

Analyst, Uche Orji, said, "Strong April results, but lower July outlook...While we believe that ADI is among the better positioned companies in the analog group, we believe that given normalized level of channel inventory and short lead times at 4 weeks, growth is likely to be slow in the near term. Though order rates appear to be improving, we believe that with current macro overhang, they are not likely to be strong enough to drive meaningful earnings revisions."

"For F3Q, we lower Rev/EPS estimates to $692m/56c, from 696m/58c. For FY12E, we lower Rev/EPS to $2,731m/$2.15 from $2,737m/$2.19 and for FY13E to $2,999m/$2.57 from $3,048m/$2.70."

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 $35.80 yesterday.


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