Bernstein downgraded Analog Devices to Market Perform from Outperform with an unchanged price target of $200. The company likely has a more resilient profile than peers in a potential downside scenario, with a profile that appears closer to bottom, the analyst tells investors in a research note. However, the stock’s valuation has “markedly expanded” and Analog Devices’ shares and earnings may need to grow into the multiple, says the firm.
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