Analog Devices' Q4 Results Remain "Maxed" Out with Maxim in Tow; Raise FVE to $172

Analog Devices reported strong fiscal fourth-quarter revenue that was near the high end of the firm’s guidance, thanks to strength in the company's industrial and automotive verticals. ADI’s outlook for the January quarter was also ahead of our expectations. We are raising our fair value estimate for wide moat Analog Devices to $172 per share from $152, stemming from the time value of money as we roll our valuation model and a slightly higher long-term earnings growth forecast. We view shares as fairly valued.