Analog Devices downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Analog Devices to Neutral from Overweight with an unchanged price target of $190 following the July quarter report. While the company is doing almost everything right in terms of reducing excess inventory, “we simply are not comfortable with the timeframe of the economic downturn,” the analyst tells investors in a research note. Given its 50% exposure to the industrial segment, Analog’s prospects are likely to be caught up in the economic slowdown, the analyst tells investors in a research note.