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Fly News Breaks for November 27, 2019
Nov 27, 2019 | 09:35 EDT
SunTrust analyst William Stein raised his price target on Analog Devices to $133 and kept his Buy rating, noting that while its Q3 earnings miss was "unremarkable", he expects that investors will benefit from "lots of goodness coming after a 5G pause". The analyst cites the company's strong operating results visible in the quarter's inventory control and expectations of a sharp 5G rebound forecasted for Q1 of 2020. Stein adds that his new price target models a multiple of 25-times expected 2020 earnings, which is still a 2-turn discount relative to "elevating analog peers".
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