BofA lowered the firm’s price target on Analog Devices (ADI) to $255 from $260 and keeps a Buy rating on the shares. Following the company’s earnings report, the firm lowered its FY25 and FY26 pro-forma EPS estimates by 13% and 7% to $7.07 and $8.43, respectively, on a softer start to FY25 due to a “sluggish autos recovery and consumer segment seasonality.” Examining the read-across from Analog Devices, the firm says the company’s comments suggest slightly positive trends for more industrial exposed peers like Texas Instruments (TXN) and Microchip (MCHP), while pointing to modestly continued headwinds for peers with higher autos exposure, such as NXP (NXPI) and On Semiconductor (ON).
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