Analog Devices (ADI) PT Lowered to $220 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the price target on Analog Devices (NASDAQ: ADI) to $220.00 (from $235.00) while maintaining a Neutral rating.

The analyst commented, "ADI reported mixed results for its Q4 earnings as October quarter results exceeded expectations while January guidance was below estimates. On end markets, automotive revenues increased sequentially in the reported October quarter largely driven by China. Looking ahead, ADI has guided for a sequential decline of LSD in the segment and believes that volume growth will remain muted through the coming year. In the April quarter, management mentioned that seasonal uptrends are expected for the auto and industrial segments in the region of MSD sequential growth. Finally, management is also expecting gross margins to improve in the second half of next fiscal year driven by top-line growth. Overall, we continue to view ADI's market positioning favorably however we remain on the sidelines and wait for a material turn in the end markets. PT to $220."

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