UPDATE: Citi Lowers Price Target on Analog Devices from $52.00 to $43.00

Citi has published a research report on Analog Devices ADI lowering the price target by $9. In the report, Citi wrote, "Within analog, we favor #1 pick AVGO and #2 MXIM given comparatively strong growth prospects and smartphone / networking leverage. We reiterate ADI as a core analog holding helped by defensive attributes including a) 3.2% dividend yield, b) $800M+ remaining buyback, c) >$8 net cash per share, and d) 35%+ operating margin and 60%+ GM." Citi rated Analog Devices a Medium Risk Buy with a price target lowered from $52.00 to $43.00. Analog Devices closed Friday at $31.49.