Analog Devices (ADI) PT, Estimates Trimmed at Jefferies Post Q3; 'Buy' Maintained

Jefferies analyst Mark Lipacis trimmed estimates and his price target Analog Devices (NASDAQ: ADI) to $61.00 (from $64.00) while maintaining a Buy rating following Q3 results.

Lipacis comments, "ADI's JulQ EPS (ex-HITT) and OctQ outlook (incl-HITT) were in line with Street expectations. ADI's outlook for stable growth and seasonal trends match our current view on the cycle (link: What Semis Did on their Summer Vacation - Summer 2014 Highlights). We like ADI's ability to fund domestic acquisitions (HITT) using offshore cash; the 80% of FCF Capital Return target; and, high auto, comms, and industrial exposure in the late innings of the cycle."

The firm lowered FY 2014 EPS from $2.40 to $2.38 and FY 2015 EPS from $2.84 to $2.78.

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 $52.21 yesterday.

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