Auriga Upgrades Analog Devices (ADI) to Hold

Auriga upgraded Analog Devices (NYSE: ADI) from Sell to Hold and raised its price target from $31 to $39.

The firm said, "We remain concerned that consensus is overly optimistic on analog growth rates over the next several years. However, while the full impact of the earthquake across the semi food chain is still not well understood, it is becoming apparent that uncertainty of supply is driving "panic-ordering" of components, which we expect to result in better-than-expected sales of broadline semis in the months of March and April. This is likely to be only a near-term offset to a somewhat negative trend, but with the industry as a whole seeing a much softer landing than we had expected, and the Texas Instruments (TXN) acquisition of National Semi (NSM) likely to drive another round of multiple expansion, we reluctantly move off our negative stance."

For more ratings news on Analog Devices click here and for the rating history of Analog Devices click here.

Shares of Analog Devices closed at $38.50 yesterday.

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