Analog Devices price target lowered to $219 from $225 at Morgan Stanley

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.