Evercore ISI initiated coverage of Analog Devices with an Outperform rating and $254 price target. The company is a “Tectonic Shift play” given its position as a key supplier into the emerging internet-of-things market which the firm expects to grow to 10s of billions of units, the analyst tells investors in a research note. Evercore adds that it expects the company’s operating margins to expand 1,000bps over the next 10 years.
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