UPDATE: Morgan Keegan Lowering Price Target On Analog Devices

Morgan Keegan is out with a research report on Analog Devices, Inc. ADI and is lowering its price target to $34 from $36 after earnings. It still has a Market Perform rating on shares. In a note to clients, Morgan Keegan writes, "We are reducing our estimate for FY2012 by $0.26 to $2.74. We like the commentary on this being more of a short-term issue, but at the present time we are going to remain on the sidelines on shares of ADI until we are more comfortable with near-term visibility." Shares of ADI lost 73 cents yesterday to close at $31.35.