Analog Devices Given “Buy” Rating at Jefferies Group (ADI)
Analog Devices (NYSE:ADI)‘s stock had its “buy” rating reiterated by investment analysts at Jefferies Group in a note issued to investors on Wednesday, AnalystRatingsNetwork reports. They currently have a $57.00 price objective on the stock, up from their previous price objective of $56.00. Jefferies Group’s price target points to a potential upside of 19.12% from the stock’s previous close.
The analysts wrote, “JulQ EPS beat by $0.05 on inline revs due to lower taxes. The outlook for OctQ revs of $688m at the midpoint missed consensus $698m, but EPS of $0.68 is only $0.01 below. Orders improved through the qtr, and gross margins improved with utilization even as inventories declined. We model ADI gross margins to expand by 230 bps through Oct-14Q, and observe that ADI’s bogey of 60% div payout implies 10-20% upside to the dividend in CY14.”
Analog Devices (NYSE:ADI) traded down 2.32% on Wednesday, hitting $46.74. 1,209,954 shares of the company’s stock traded hands. Analog Devices has a 1-year low of $37.82 and a 1-year high of $50.00. The stock has a 50-day moving average of $48.24 and a 200-day moving average of $45.99. The company has a market cap of $14.404 billion and a price-to-earnings ratio of 22.92.
Analog Devices (NYSE:ADI) last issued its quarterly earnings data on Tuesday, August 20th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the 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.
ADI has been the subject of a number of other recent research reports. 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. Analysts at Citigroup Inc. upgraded shares of Analog Devices from a “neutral” rating to a “buy” rating in a research note to investors on Wednesday, May 29th. They now have a $54.00 price target on the stock, up previously from $48.00.
Eleven investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $48.44.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 11th. Investors 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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