ADI: ADI Confirms Empower Semiconductor Acquisition; Focus on Strengthening DC Portfolio

Research evidence excerpt

ADI: ADI Confirms Empower Semiconductor Acquisition; Focus on Strengthening DC Portfolio

Equity Research

Flash Comment — May 19, 2026

Semiconductors

Analog Devices, Inc.

ADI Confirms Empower Semiconductor Acquisition; Focus Overweight

on Strengthening DC Portfolio Price Target: $470.00

Ticker ADI

Our Call Upside/(Downside) to Target 13.4%

ADI confirmed rpts to acquire Empower Semi for $1.5B. We'll be focused on the acq Price (05/19/2026) $414.31

strengthening ADI's vertical power portfolio & enabling it to become a more meaningful 52 Week Range $206.00 - 435.72

player in this sub-segment of DC semis - focus on add'l detail w/ EPS (5/20, BMO) Market Cap (MM) $203,698

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

What's New. Post-close, ADI confirmed its intent to acquire Empower Semiconductors Joe Quatrochi, CFA

for $1.5B in an all-cash transaction, in line w/ a Bloomberg report late last night. The Equity Analyst | Wells Fargo Securities, LLC

Joe.Quatrochi@wellsfargo.com | 314-875-2055

transaction is expected to close in 2HC2026, subject to closing conditions. Tim Phillips,

CEO of Empower, will continue to lead ADI's IVR technology post-close. ADI highlighted it Travis Poulin

is "investing in its system-level platform to deliver a step-change in performance, density, Associate Equity Analyst | Wells Fargo Securities, LLC Travis.Poulin@wellsfargo.com | 617-603-4263

and efficiency from grid to core."

Quick Highlights on Empower. The company's integrated voltage regulator technology

looks to replace traditional PMIC solutions by combining a switching voltage regulator

w/ the necessary control and filtering circuitry into a single package delivered as a vertical

power solution.