Nomura/Instinet Starts Analog Devices (ADI) at Neutral

Nomura/Instinet analyst David Wong initiates coverage on Analog Devices (NASDAQ: ADI) with a Neutral rating and a price target of $90.00.

The analyst comments "We believe ADI’s acquisition integration performance has been a key driver of the current stock multiple. We forecast ADI’s long-term organic revenue growth potential to be akin to the semiconductor industry average growth, which we project as 7-9%/year. Long-term EPS growth could be slightly above organic revenue growth, due to share repurchases, operating efficiencies, and acquisitions; we believe this level of growth could lead to a contraction in the stock multiple."

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 $96.62 yesterday.

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