Deutsche Bank Maintains Hold Rating On Analog Devices

According to Deutsche Bank, Analog Devices ADI guided F3Q sales in the $765-795m range (-3% to +1% q/q), worse than the historical F3Q average of +3% q/q as the co expected a reversal in the Japan quake-related revenue benefit it saw in F2Q (roughly +$20m). Deutsche Bank said that it expects slight declines in Industrial (-1.5% q/q), Automotive (-1.5% q/q) and Communications (-2% q/q), and for Consumer and Computing to remain flat. “We remain impressed with ADI's business model improvements, but believe they are fairly reflected in the current share price, especially given the uncertain macro environment. Maintain Hold rating.” Analog Devices closed yesterday at $32.08.