Analog Devices (ADI) Stock Closed Down, Price Target Lowered at Pacific Crest
Bloomberg News
NEW YORK (TheStreet) -- Shares of Analog Devices (ADI) - Get Report closed lower by 2.24% to $55.36 on Tuesday after Pacific Crest reduced its price target on the stock to $60 from $62.
The firm has an "overweight" rating on shares of the Norwood, MA-based semiconductor company and iPhone supplier.
Pacific Crest cited a weaker-than-expected iPhone 7 supply chain forecast in the second half of the year.
"Feedback from Asia indicates units are expected to be down 15% to 20% as compared to the iPhone 6s, as Apple (AAPL) appears to be taking a much more cautious view of the ramp," the firm wrote in an analyst note.
Pacific Crest also downgraded Skyworks Solutions (SWKS) and Cirrus Logic (CRUS).
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on Analog Devices stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
The team believes its strengths outweigh the fact that the company shows weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ADI