Analog Devices Stock Rating Reaffirmed by BMO Capital Markets (ADI)
Analog Devices (NYSE:ADI)‘s stock had its “market perform” rating reaffirmed by research analysts at BMO Capital Markets in a report released on Wednesday, Stock Ratings Network.com reports. They currently have a $47.00 target price on the stock, up from their previous target price of $45.00. BMO Capital Markets’ price target suggests a potential downside of 1.78% from the company’s current price.
The analysts wrote, “ADI reported FY3Q results largely in line with our expectations. FY3Q revenues were $674 million, up 2% q-q, and excluding a ~$0.03 benefit of lower tax rate of 11.7% vs. our 16.5%, and EPS of $0.54. For FY4Q the company guided for revenues to increase 2% q-q to $688 million at the midpoint and EPS of $0.55-$0.61 vs. our/consensus’ $683 million/$697 million, up 2%/4% q-q and EPS of $0.56/$0.59. ADI continues to execute well. In terms of end markets, communications, driven by wireless infrastructure, came in well above guidance, while industrials, excluding US government-related programs, would have been up modestly q-q as well. ADI continues to show decent operating leverage. GM is guided up 50 bp, driven by higher utilization.”
A number of other analysts have also recently weighed in on ADI. Analysts at Canaccord Genuity raised their price target on shares of Analog Devices from $50.00 to $55.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Jefferies Group reiterated a “buy” rating on shares of Analog Devices in a research note to investors on Wednesday. They now have a $57.00 price target on the stock, up previously from $56.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Analog Devices in a research note to investors on Wednesday, July 31st. They now have a $51.00 price target on the stock.
Eleven research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Analog Devices currently has an average rating of “Buy” and a consensus price target of $48.81.
Analog Devices (NYSE:ADI) traded down 2.17% on Wednesday, hitting $46.81. The stock had a trading volume of 1,960,032 shares. Analog Devices has a 52-week low of $37.82 and a 52-week high of $50.00. The stock’s 50-day moving average is $48.24 and its 200-day moving average is $45.99. The company has a market cap of $14.425 billion and a P/E ratio of 22.92.
Analog Devices (NYSE:ADI) last released its earnings data on Tuesday, August 20th. The company reported $0.57 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.54 by $0.03. The company had revenue of $674.00 million for the quarter, compared to the consensus estimate of $671.70 million. During the same quarter in the prior year, the company posted $0.56 earnings per share. The company’s quarterly revenue was down 1.3% on a year-over-year basis. On average, analysts predict that Analog Devices will post $2.10 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 11th. Shareholders of record on Friday, August 30th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.84%.
Analog Devices, Inc (NYSE:ADI) is engaged in the design, manufacture and marketing of a range of analog, mixed-signal and digital signal processing integrated circuits (ICs).
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