NEW YORK (TheStreet) -- Analog Devices
(ADI - Get Report) shares are down -3.1% to $50.60 on Wednesday after having its price target lowered to $56 from $60 by analysts at RBC Capital Markets, who reiterated their "sector perform" rating.
The firm lowered its outlook on the signal processing integrated circuits manufacturer despite the company's third quarter revenue beat.
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The company reported third quarter revenue of $727.8 million on Tuesday, an 8% increase over the previous year that beat analysts expectations of $716.5 million.
Earnings of 63 cents per diluted share were in line with analysts estimates.
- You can view the full analysis from the report here: ADI Ratings Report
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