Analyst Joseph Moore of Morgan Stanley maintained a Buy rating on Analog Devices, boosting the price target to $288.00.
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Joseph Moore has given his Buy rating due to a combination of factors including Analog Devices’ strong financial performance in the recent quarter and optimistic future guidance. The company exceeded expectations in both revenue and earnings per share, primarily driven by robust growth in the Industrial segment, which is a significant portion of their business. This growth was achieved despite challenges in the automotive sector, which performed better than anticipated due to strong demand in China.
Moreover, Analog Devices’ ability to manage expectations and execute effectively underscores its competitive advantage, particularly in a market experiencing pricing pressures. The company’s resilience against local competitors and its focus on high-margin products contribute to its defensibility. These factors, combined with a positive outlook for the upcoming quarter, support the Buy rating as the company is well-positioned for continued success.
In another report released today, Citi also reiterated a Buy rating on the stock with a $290.00 price target.