Evercore ISI raised the firm’s price target on Analog Devices (ADI) to $280 from $254 and keeps an Outperform rating on the shares. The firm believes guidance contemplates a cautious supply chain, which has undergone seven quarters of inventory correction and is heading to below “normal” levels. This, combined with its view that Analog is shipping about 22% below consumption, leads the firm to contend that the company should be set up for a material snapback in demand starting in the January or April-end quarter.
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