Wells Fargo Upgrades Analog Devices (ADI) to Outperform

Wells Fargo upgraded Analog Devices (NASDAQ: ADI) from Market Perform to Outperform with a $55-$65 valuation range following recent under performance.

Analyst commented, "We are upgrading ADI to Outperform from Market Perform as the stock has dropped to a level at which there is upside potential to our valuation range of $55-$65, based on 16-19x our FY17 EPS estimate of $3.43. However, we are cutting our estimates for the January 2016 through October 2016 quarters as there appears to be near term risk in the Apple iPhone supply chain. Our FY16 GAAP EPS estimate decreases to $2.77 from $2.92 previously. Our FY17 EPS estimate remains unchanged at $3.43."

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 $49.98 yesterday.

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