Citi analyst Christopher Danely reiterated a Buy rating and $220.00 price target on Analog Devices (NASDAQ: ADI)

The analyst comments "Analog Devices will release F3Q24 results on May 22 before the open. We expect the company to report in line with Consensus, but guide the July quarter flat QoQ, below Consensus of up 3% QoQ as we believe the auto end market will decline again (24% of F1Q24 sales), the industrial end market is mixed (48%), but the consumer end market (11%) is improving. We continue to expect ADI to experience one of the biggest sales and EPS expansion during inventory replenishment given the company’s low utilization rates. We reiterate our Buy rating on ADI."

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Shares of Analog Devices closed at $214.08 yesterday.