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Pacific Crest Cuts Analog Devices to Sector Perform

Pacific Crest downgraded Analog Devices (ADI) to sector perform.

Analyst Michael McConnell says the 43 cents third-quarter GAAP earnings per share missed his 44 estimate. He notes revenue grew in all product segments, but bookings fell estimated 27% sequentially to $575 million, yielding 0.8-1.0 book-to-bill.

McConnell says cancellations are most acute from digital-still camera makers in Japan and handset makers in China. He notes fourth-quarter guidance -- flat sequential revenue and earnings growth -- reflects customer caution over end-market demand. He says lower product lead times are ADI's increasing dependence on unpredictable turns order. He sees an inventory build.

McConnell cut the $1.59 fiscal 2004 (Oct.) earnings per share estimate to $1.54, and cut the $2.18 fiscal 2005 to $2.01.

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