BofA analyst Vivek Arya raised the firm’s price target on Analog Devices (ADI) to $250 from $245 and keeps a Buy rating on the shares after Q4 results were slightly better than expected on China auto strength and consumer and the Q1 sales outlook was inline with consensus, down 4% quarter-over-quarter. Analog Devices suggested a “strong growth year in FY25,” but the firm doesn’t see it yet until the company’s core industrial segment starts to show above seasonal growth, the analyst tells investors. The read-across is “net negative” for Texas Instruments (TXN) and Microchip (MCHP) given the muted industrial recovery, but “inline/somewhat better for auto peers” like NXP Semiconductors (NXPI) and On Semiconductor (ON), the analyst added.
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- Analog Devices sees Q1 adjusted EPS $1.53, +/- 10c, consensus $1.57
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