Citi raised the firm’s price target on Analog Devices to $250 from $220 and keeps a Buy rating on the shares. The analyst cites the company’s Q2 earnings beat and above-consensus guidance, with bookings having improved during the quarter. Citi further notes that Analog Devices’ book-to-bill was above 1.0, and the firm expects the company to experience one of the biggest sales and EPS expansions during inventory replenishment given its current low utilization rates.
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