Nomura Securities Maintains a 'Reduce' on Analog Devices (ADI); Review of F2Q Results

Nomura Securities maintains a 'Reduce' on Analog Devices (NYSE: ADI), raises PT by $2 to $36.

Nomura analyst, Romit Shah, says, "Reported higher revenue of $791mn vs. our estimate of $745mn driven by strength in industrial, auto and comm. Excluding one-time tax benefits, adjusted EPS of $0.75 was also higher than our estimate of $0.67. While backlog is up, the company expects order rates to moderate as concerns over supply ease. As such, ADI guided F3Q revenue down 1% q/q versus seasonality of up 3.5% q/q. We are increasing our July qtr estimates to $780mn/$0.73 from $760M/$0.67. FY11 estimates increase to $3.08bn/$2.85 from $2.99bn/$2.66."

For more ratings news on Analog Devices click here and for the rating history of Analog Devices click here.

Shares of Analog Devices closed at $40.23 yesterday.

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