UPDATE: Citi Lowering Price Target On Analog Devices

Citi Investment Research is out with a research report on Analog Devices ADI and is lowering its price target to $42 from $43, but is keeping its Buy rating after it reported earnings. In a note to clients, Citi Investment Research writes, "Results weren't terribly surprising and were fairly well telegraphed by analog earnings in July. ADI has not yet seen orders reaccelerate, but it notably saw softness stabilize in August. ADI expects orders should accelerate in September and further in October. We reiterate ADI's Buy and view it as a core and defensive analog holding. We maintain AVGO our #1 pick and MXIM #2 favoring their advantaged smartphone/networking leverage and growth prospects." Shares of ADI lost 73 cents yesterday to close at $31.35.