Piper Sandler lowered the firm’s price target on Analog Devices (ADI) to $215 from $240 and keeps a Neutral rating on the shares. The firm notes the company reported results that were nicely above expectations and also guided strongly ahead of expectations. Overall, Analog Devices is seeing a resurgence in its automotive and industrial business both of which were up nicely on a sequential basis in the April quarter. That said, Piper feels that there are shades of gray in the commentary that are worth noting. The industrial business appears to still be in recovery mode, while the automotive business seems to have been helped by pull-ins from tariffs. Roughly high single digits worth of seq growth out of 16% auto sequential growth might have been from pull-ins related to tariffs, the firm argues.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ADI:
- Analog Devices Receives Buy Rating from Joseph Moore Due to Strong Performance and Optimistic Future Outlook
- Analog Devices price target raised to $185 from $170 at Barclays
- Strong Buy Recommendation for Analog Devices: Market Position, Growth Potential, and Strategic Acquisitions Drive Target Price of $287
- Balanced Outlook for Analog Devices: Strong Q2 Performance Meets Cautious Q3 Guidance
- Strong Buy Recommendation for Analog Devices Driven by Robust Financial Performance and Strategic Market Positioning