Analog Devices price target raised to $210 from $200 at Citi

Citi analyst Christopher Danely raised the firm’s price target on Analog Devices to $210 from $200 and keeps a Buy rating on the shares. The company reported results roughly in line with consensus but guided lower as it underestimated the amount of excess inventory, the analyst tells investors in a research note. The firm is now modelling a peak to trough sales decline of roughly 26%, and a gross margin decline of roughly 6%. It believes investors can build positions as the guidance cuts are becoming smaller, not larger.