Analog Devices Inc. (NASDAQ:ADI) on Wednesday reported upbeat third-quarter results and issued strong fourth-quarter guidance.
Analog Devices reported adjusted earnings of $3.45 per share, beating the analyst estimate of $3.33. Revenue rose 40% year over year to $4.02 billion, beating the $3.92 billion consensus estimate.
Analog Devices forecast fourth-quarter adjusted earnings of $3.71 to $4.01 per share, beating the analyst consensus estimate of $3.54 at the midpoint. The company projected revenue of $4.20 billion to $4.40 billion, beating the $4.07 billion consensus estimate at the midpoint.
“ADI delivered a strong third quarter, exceeding the midpoint of our revenue, margin, and earnings outlook as we capitalized on broad-based demand,” said Vincent Roche, CEO and Chair. “We continue to extend our leadership through a powerful combination of innovation, deep customer collaboration, and manufacturing agility. Our investments in these foundational areas, combined with the trust we have built over decades, provide a unique advantage to create, deliver, and capture value in the AI era – for customers and investors alike.”
Analog Devices shares gained 1.1% to trade at $377.17 on Thursday.
These analysts made changes to their price targets on Analog Devices following earnings announcement.
- Needham analyst N. Quinn Bolton maintained the stock with a Buy and raised the price target from $440 to $450.
- Wells Fargo analyst Joe Quatrochi maintained the stock with an Overweight rating and lowered the price target from $515 to $500.
- Bernstein analyst Stacy Rasgon upgraded the stock from Market Perform to Outperform and raised the price target from $430 to $465.
Considering buying ADI stock? Here’s what analysts think:
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