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Analog Devices Inc ADI

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Morningstar’s Analysis

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

Brian Colello, CPA Sector Director

Analyst Note

| Brian Colello, CPA |

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.

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Company Profile

Business Description

Analog Devices is a leading analog, mixed-signal, and digital signal processing chipmaker. The firm has a significant market share lead in converter chips, which are used to translate analog signals to digital and vice versa. The company serves tens of thousands of customers, and more than half of its chip sales are made to industrial and automotive end markets. Analog Devices' chips are also incorporated into wireless infrastructure equipment.

Contact
One Analog Way
Wilmington, MA, 01887
T +1 781 935-5565
Sector Technology
Industry Semiconductors
Most Recent Earnings Oct 31, 2021
Fiscal Year End Oct 30, 2022
Stock Type Cyclical
Employees 24,700

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