Nomura Securities Maintains a 'Reduce' on Analog Devices (ADI); Prefers MXIM

Nomura Securities maintains a 'Reduce' on Analog Devices (NYSE: ADI) price target lowered from $33 to $30.

Nomura analyst says, "ADI reported disappointing F3Q results and guidance that was below our estimates and consensus. While ADI looks inexpensive at 9x EPS ex-cash, we are not convinced that estimates have bottomed given a back-end loaded Oct period, uncertainty over end demand, and a seasonal weakness in the Jan quarter. We reduced our EPS estimate for CY11 to $2.70 from $2.83 and for CY12 to $2.55 from $2.77. We also lowered our price target to $30 based on our revised CY12 EPS estimate. Our preferred name in analog remains Maxim (Nasdaq: MXIM)(Buy)."

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 $31.35 yesterday.

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