Morgan Stanley analyst Craig Hettenbach sees a tactical buying opportunity in Analog Devices with shares down 8% since the Linear deal closed on March 10.

Sentiment has turned bearish from uncertainties related to the CFO departure and potential iPhone content loss, but he said Linear adds over $1 of earnings power that is not reflected in valuation and recommends investors use the recent weakness to buy Analog ahead of the May 31 earnings report.

He also expects the CFO departure and long-term earnings outlook to be addressed at the company's analyst day on June 20. Hettenbach rates Analog an Overweight with a $93 price target and a sees the shares at $112 in a "bull case."