Truist lowered the firm’s price target on Analog Devices to $222 from $226 but keeps a Buy rating on the shares. The company’s Q4 topped estimates, but its Q1 guie was significantly below consensus on ongoing inventory drawdowns, especially in industrial and comms, the analyst tells investors in a research note. Truist adds however that Analog Devices has indicated that its orders and book-to-bill are growing, cancels are slowing, and its customer inventory burn is coming to an end.
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