Analog Devices (ADI) Higher After Strong Results and Three Upgrades

Analog Devices Inc. (NYSE: ADI) is seeing signigicant upside today, following better-than-expected Q2 results and guidance after the close and "count-em" three upgrades. Shares are up 14% to $23.50.

Analog Devices reported Q2 EPS of $0.21, ex-items, versus the analyst estimate of $0.09. Revenue for the quarter was $474.7 million, versus the consensus of $427.24 million. ADI sees Q3 EPS from continuing operations of $0.17-$0.19, with gross margin in the range of 54-55%. The Street is currently looking for Q3 EPS of $0.11.

Deutsche Bank, Robert W. Baird, and Broadpoint AmTech upgraded ADI today.

In its upgrade of ADI, Deutsche Bank said, "margin leverage is significantly underestimated and should yield greater earnings power than in its past cycles that has yet to be reflected in its share price."

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