Jefferies Upgrades Analog Devices (ADI) to Buy, $56 PT

Jefferies upgraded Analog Devices (NASDAQ: ADI) from Hold to Buy with a price target of $56.00 (from $50.00).

Analyst Mark Lipacis states, "We believe that semis have entered the late innings of the cycle, and move to a Buy rating on ADI. While we maintain our EPS estimates, we increase our P/E target based on the company's target for returning 80% of free cash flow to shareholders over the next 5 years. We've observed a high correlation to dividend payout and Cash Adjusted P/E, and think there is room for its P/E to expand."

For an analyst ratings summary and ratings history on Analog Devices click here. For more ratings news on Analog Devices click here.

Shares of Analog Devices closed at $46.73 yesterday.

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