Wolfe Research upgraded Analog Devices to Outperform from Peer Perform with a $225 price target. The company’s “healthy cuts and flexible manufacturing model create a reasonable scenario” for second half of fiscal 2024 improvement as inventory burns off, the analyst tells investors in a research note. The firm is “most confident” that Analog Devices has been through the worst of the inventory correction, and thinks the company has among the best growth prospects in analog. Wolfe says Analog Devices has the best product cycles in analog. It is unwise to remain negative solely on valuation ahead of positive news and catalysts that are likely to emerge in 2024, it contends.
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