Analog Devices price target lowered to $212 from $219 at Morgan Stanley

Morgan Stanley analyst Joseph Moore lowered the firm’s price target on Analog Devices to $212 from $219 and keeps an Overweight rating on the shares. Analog guided for a 16% sequential decline for the April quarter, and a 35% peak-to-trough decline, but amid “historic revenue declines at other broad based peers,” the firm finds “reasons to be encouraged” across margin, average selling price, and end-demand exposure, says the analyst, who notes that the stock remains the firm’s “preferred name within analog.”