Citi analyst Christopher Danely reiterated a Buy rating on Analog Devices (ADI – Research Report) today and set a price target of $220.00.
Christopher Danely has given his Buy rating due to a combination of factors related to Analog Devices’s financial performance and market position. He anticipates that the company will report revenues and earnings per share (EPS) closely aligned with consensus estimates, indicating stability in the company’s financials. Despite a projected flat guidance for the upcoming quarter, Danely foresees an opportunity for substantial growth during periods of inventory replenishment, due to Analog Devices’s low utilization rates. This potential for significant sales and EPS expansion underpins the optimistic outlook.
In addition, Danely’s confidence in the stock is reflected by his expectations of an improvement in bookings, taking cues from similar trends observed in peer companies. While he has modestly revised down the revenue and EPS estimates for future fiscal periods, the revised figures remain robust and support the continuation of a Buy rating. Danely maintains a target price that reflects a valuation in line with industry peers, further solidifying the rationale behind his recommendation. The anticipated return and the company’s performance relative to industry benchmarks contribute to the positive assessment, reinforcing the Buy rating for Analog Devices.
In another report released today, Robert W. Baird also maintained a Buy rating on the stock with a $200.00 price target.
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Analog Devices (ADI) Company Description:
Massachusetts-based Analog Devices, Inc. is a multinational semiconductor company, which designs, develops, manufactures, and markets integrated circuits (ICs) that leverage analog, mixed-signal, and digital signal processing technologies. The company offers data converter products, power management and reference products and digital signal processing and system products. The company also serves clients in the industrial, automotive, consumer, and communications markets.
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