Morgan Stanley lowered the firm’s price target on Analog Devices to $219 from $225 and keeps an Overweight rating on the shares. Guidance was marginally worse than the firm’s recently lowered expectations, but a bookings recovery, a “clear indication of lower distribution inventory,” and a 27% quarterly revenue drawdown “all point to” the April quarter as the bottom, the analyst tells investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on ADI:
- Analog Devices price target lowered to $175 from $190 at Piper Sandler
- BMO Capital sees favorable risk/reward for Analog Devices
- Analog Devices price target lowered to $210 from $215 at Susquehanna
- Analog Devices price target lowered to $200 from $210 at Baird
- Analog Devices price target raised to $180 from $175 at Barclays