Tech Stocks Slipping Into The Red; Analog Device Climbs After Better-Than-Expected Q1 Results, Increased Price Targets

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Technology stocks were slightly lower, with shares of technology companies in the S&P 500 slipping less than 0.1%.

In company news, shares of Analog Devices ( ADI ) were higher Wednesday, advancing to their best levels since late last year and reaching a new 52-week high after the chip-maker late Tuesday reported Q1 net income and revenue beating Wall Street forecasts, prompting several equity analysts on Wednesday to boost their price targets for the stock.

The moves also follow ADI late yesterday boosting its quarterly cash dividend by 9% to $0.37 per share and authorizing an increase for its stock-buyback program to $1 billion.

Analysts at Pacific Crest are expecting the biggest rise in ADI's share price over the next year, forecasting $61 - or slightly more than 19% over Tuesday's closing price for the stock. Canaccord Genuity, meanwhile, is expecting shares to rally about 17% to $60 a share, while J.P. Morgan and Credit Suisse are modeling a rise to around $55 a share.

ADI earned $0.49 per share during the quarter ended Jan. 31, topping expectations by $0.01, while revenue rose 1% year over year to $628 million, nipping analyst estimates by $1 million.

The company also is projecting EPS of $0.54 to $0.58 on between $660 million to $680 million in revenue. Analysts, on average, have been expecting ADI to post earnings of $0.55 per share on around $665.45 million in revenue, according to Capital IQ.

Shares were ahead 1.4% at $51.92 apiece in recent trade, earlier advancing to an intra-day high of $52.38 a share.

In other sector news,

(+) FB, (+2.0%) Shares hit new all-time high, with the social networking company's market capitalization rising past $175 billion, topping Coca-Cola ( KO ) and AT&T ( T ). The stock is now up 25% since the start of the year and is ahead 48% over past three months.

(-) ARRS, (-2.0%) Shares slump ahead of the broadband equipment manufacturer reporting Q4 earnings after Wednesday's market close. Wall Street is expecting the company to post a $0.44 per share profit on $1.16 bln in revenue during the three months ended Dec. 31, 2013, according to Capital IQ.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: ADI , KO , T

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