UPDATE: Jefferies Lowers Price Target On Analog Devices To $36

According to Jefferies, Analog Devices ADI price target is lowered to $36. Jefferies said that ADI missed consensus revenue estimate by $22m or 3% while its EPS missed by $0.02, driven by supply chain inventory correction related to Japan earthquake and tsunami. “We view view the lowering of expectations as a positive, and expect the stock to appreciate inline with the group. We reiterate "HOLD" and lower our PT to $36 from $41.” Analog Devices closed yesterday at $31.35.