On Monday, analysts at ISI Group upgraded Analog Devices, Inc. (ADI) citing a stronger conviction in stocks in the semiconductor and industrials markets.
The analysts upgraded ADI from “Buy” to “Strong Buy” with a price target of $52, up from $50. This new valuation suggests a 15% upside to Friday’s closing price of $45.23.
An ISI Group analyst noted, “We are again raising ratings, price targets, and estimates for names within our coverage group with high exposure to the industrial vertical. In summary, our view is that recent data is increasingly supportive of the view that conditions for a strong semiconductor cycle are improving ahead of expectations generally, but even more so for our preferred niche, the industrial market. Thus, while there is some investor concern and skepticism around the durability of the recent rally in the stocks, especially in light of the seemingly full valuations being accorded to the names, we think the preconditions for a meaningful rise in estimates that is needed to drive the second leg of the rally,are increasingly in place.”
Analog Devices shares were down 22 cents, or -0.49%, during Monday trading. The stock is up about +13% over the past year.
The Bottom Line
Shares of Analog Device (ADI) have a dividend yield of 3.02% based on Monday’s intraday trading price of $45.01 and the company’s annualized dividend payout of $1.36 per share.
Analog Devices, Inc. (ADI) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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