BofA analyst Vivek Arya raised the firm’s price target on Analog Devices to $225 from $200 and keeps a Buy rating on the shares. The firm, which expects some intra-sector rotation after a 60% year-to-date run in the SOX, also expects continued secular growth tailwinds in Generative AI, chip complexity, auto content, fab reshoring, and CHIPS Act benefits. BofA raised its semiconductors industry estimates, staying “selectively positive” in its “thematic 3C’s” of Cloud, Cars, and Complexity, while adding that it remains “lukewarm” on smartphones, telco and the enterprise.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on ADI:
- Morgan Stanley Says These 3 Semiconductor Stocks Are Hot Buys Right Now
- Analog Devices price target lowered to $206 from $213 at Truist
- Analog Devices price target lowered to $219 from $225 at Morgan Stanley
- Analog Devices price target lowered to $175 from $190 at Piper Sandler
- BMO Capital sees favorable risk/reward for Analog Devices