Analog Devices (ADI) PT Lowered to $266 at Truist Securities

Truist Securities analyst William Stein lowered the price target on Analog Devices (NASDAQ: ADI) to $266.00 (from $275.00) while maintaining a Buy rating.

The analyst comments "ADI reaffirms cyclical recovery is at hand. ADI beat CQ2 (July) consensus. While CQ3 (Oct) guidance is "only" inline with consensus, it is ~3% above seasonal, reflecting a cyclical recovery. Key derivative read: positive across broad-based semis, esp. MPWR (Buy). Incremental autos end market weakness is an understood exception, but still concerning for NXPI (Buy). We retain our constructive view on the sector and on ADI owing to its approach to product portfolio, channel management, and capital allocation. CY25 EPS to $8.31 (from $8.60). PT to $266 (from $275) based on 32x (7x historical discount to Analog peers). Buy."

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