Analog Devices initiated with a Peer Perform at Wolfe Research

Wolfe Research analyst Chris Caso initiated coverage of Analog Devices with a Peer Perform rating and no price target. The company has the best product cycles in analog, but the firm is waiting for all the inventory/end-market “shoes to drop before becoming constructive,” the analyst tells investors in a research note. Wolfe expects a “classic broad correction” due to slower end demand and elevated customer inventory.