Citigroup believes Analog Devices sold off following its Q3 results on concern that stronger sales did not drive stronger gross margins. However, Citi recommends buying the stock on weakness, on expectations margin leverage will be strong in Q1 and beyond. The firm raised its target on shares to $36 from $30 and keeps a Buy rating
I'm sure they'll be more profit taking at $34 (my own call) than at $36 from today's price. Smarter trading is not holding on for analysts' targets, but watching pauses on volume after a run. The stock is consolidating here, there's no post earnings profit taking and is why I'm holding long here to watch the next ascending level break out.