Nomura Securities Upgrades Analog Devices (ADI) to Neutral

Nomura Securities upgraded Analog Devices (NASDAQ: ADI) from Reduce to Neutral with a price target of $52.00, saying downside is limited from here.

Analyst Romit Shah commented, "Our Reduce rating was predicated upon our belief that as Apple grew to more than 20% of sales, ADI should be valued on a sum-of-the-parts basis given the revenue and margin volatility historically associated with its consumer business. Given yesterday’s negative preannouncement and recent contraction in valuation, we believe downside at current levels is limited."

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 $50.50 yesterday.

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