Analog Devices (ADI) NewsBite - ADI Lifted by Upgrade

Posted on Friday, September 05, 2008 12:47 PM

Analog Devices (ADI) was upgraded today by analysts at Merrill Lynch and the stock is now at $27.29, up $1.09 (4.16%) on volume of 3,430,422 shares traded. The brokerage firm upped the stock to "Neutral" from "Underperform." Over the last 52 weeks the stock has ranged from a low of $26.00 in September to a high of $37.85 in September. Analog Devices stock has been showing support around $25.67 and resistance in the $26.85 range. Technical indicators for the stock are neutral and S&P gives ADI a neutral 3 STARS (out of 5) hold ranking. The broker said the valuation now “mostly reflects our margin and growth concerns.” If you are looking for a hedged play on ADI the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]