Analog Devices: Multiple Catalysts Driven By Multiple Megatrends

2026-05-13 10:23:02 ET

Analog Devices ( ADI ) is entering a period of accelerated growth driven by the industrials and communications markets, underpinned by large-scale data center development and the driving need for power distribution infrastructure. With exposure to gray- and white-space infrastructure, ADI is positioned to realize exceptional growth in these markets as investments pick up momentum. Supporting the industrials market segment, global investments in aerospace & defense may act as a secondary catalyst to drive strong top-line growth over the coming years, driven by space technology and autonomous production. With a robust outlook for eq2’26 and the expectation for continued strength throughout the remainder of the fiscal year, I am reiterating my Buy rating for ADI shares with a price target of $529/share at 20.67x eFY28 EV/aEBITDA....

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