Analog Devices price target lowered to $210 from $220 at KeyBanc

KeyBanc analyst John Vinh lowered the firm’s price target on Analog Devices to $210 from $220 and keeps an Overweight rating on the shares. His quarterly supply chain findings are mostly negative. Feedback indicates the correction in Asia is worsening as China reopens and is negatively impacting consumption, while end demand softens across most end markets including auto and industrials, the analyst notes. He continues to see a "soft landing" scenario and believes semiconductor companies are in a much better position to navigate this downturn given better visibility, more secular drivers, and better pricing leverage as selective price increases continue.