Analyst Christopher Danely of Citi reiterated a Buy rating on Analog Devices (ADI – Research Report), retaining the price target of $265.00.
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Christopher Danely has given his Buy rating due to a combination of factors suggesting a positive outlook for Analog Devices. The company reported strong financial results and guidance, driven by significant contributions from the Industrial and Automotive sectors, which together accounted for a substantial portion of sales. This performance indicates the beginning of inventory replenishment in the analog market, suggesting potential growth as other companies in the sector might soon experience similar increases in bookings.
Danely noted that the company’s revenue and earnings per share exceeded both his own and market expectations, attributing this to higher sales and improved gross margins. Furthermore, Analog Devices’ guidance for the next quarter also surpassed expectations, supported by seasonal strength in its key markets. As a result, the analyst has raised his revenue estimates for the upcoming fiscal years and reaffirmed a price target, reflecting confidence in the company’s continued performance and market position.
Danely covers the Technology sector, focusing on stocks such as Intel, Advanced Micro Devices, and Micron. According to TipRanks, Danely has an average return of 7.3% and a 55.84% success rate on recommended stocks.
In another report released today, Benchmark Co. also maintained a Buy rating on the stock with a $275.00 price target.