Barclays analyst Tom O’Malley upgraded Analog Devices (ADI) to Overweight from Equal Weight with a price target of $375, up from $315. The company has the highest industrial exposure within the analog group “by far” and a strong correlation between its sales growth and the Purchasing Managers’ Index, the analyst tells investors in a research note. Barclays views Analog Devices as a “quality name to own” as PMIs recover. It likes the company’s industrial exposure amid an improving macro backdrop.
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