Evercore ISI raised the firm’s price target on Analog Devices (ADI) to $303 from $280 and keeps an Outperform rating on the shares. July quarter EPS was 5% above consensus and the October quarter guidance for revenue and EPS were 6% and 10% above consensus, respectively, the analyst tells investors. Analog is capitalizing on a cyclical recovery in the Industrial and Automotive sectors and its continued efficient inventory management position it well for sustained growth, the analyst added.
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