Evercore ISI analyst CJ Muse said Analog Devices (ADI) remains a best idea but with a caveat, it appears more and more likely that they could lose the Apple (AAPL) business in the OLED phone this year versus his previous assumption for next year. The decision should come in the next few weeks, but the ADC appears to likely be integrated into the touch controller, the analyst wrote. Muse said the impact is roughly a 12% reduction to earnings/free cash flow by 2018, and modestly lower leverage. Muse rates Analog an Overweight but said shares could see some weakness near-term as the news gets discounted.
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