Analog Devices Inc. (ADI) has reported higher than expected financial results for Q2 of 2024, despite year-on-year falls in both earnings and revenue. These beat-and-raise results have led to a surge in ADI's stock, reaching an all-time high. Various analysts, including those from Robert W. Baird, Citigroup, KeyCorp, JPMorgan Chase, and UBS Group, have increased their price targets for the ADI stock. The Q2 earnings report revealed revenue beats in estimates at $2.16 billion. However, EPS declined to $0.61. The company's future prospects look strong, with their Q3 earnings guidance also updated. These updates come despite robust quarterly revenue on chip market recovery, and strategic partnerships, such as one with TSMC, are strengthening the company's capacity and resiliency. ADI has received U.S. FDA 510(k) clearance for the commercial launch of Sensinel. However, the company's fundamentals look uncertain; despite strong stock performance, there is speculation about what lies ahead.
Analog Devices ADI News Analytics from Mon, 08 Jan 2024 08:00:00 GMT to Sat, 25 May 2024 13:48:05 GMT -
Rating 7
- Innovation -3
- Information 8
- Rumor -5
