Cooking with Gas

Research evidence excerpt

Cooking with Gas

USA | Semiconductors

Analog Devices, Inc. EquityMayResearch20, 2026

TARGET | ESTIMATE CHANGECooking with Gas

Momentum across multiple Industrial segments paired with better Auto and RATING BUY

mid-teens growth in Comms. We continue to view ADI as one of the premier PRICE $398.05^

names in Analog with secular tailwinds benefitting multiple end markets with a PRICE TARGET | % TO PT $475.00 ($410.00) | +19%

potential rebound in Auto adding more fuel to the fire. 52W HIGH-LOW $435.72 - $206.00

FLOAT (%) | ADV MM (USD) 99.3% | 1,466.64

ADI continues to fire on all cylinders with record revenue of $3.62B (+15% Q/Q) and upside across MARKET CAP $195.2B

nearly every end market. GMs move higher from here with the better DC mix a tailwind. Industrial led TICKER ADI

the quarter with continued strength across Aerospace and Defense, ATE, and ETM. Meanwhile, the ^Prior trading day's closing price unless otherwise

industrial businesses outside ATE and A&D collectively grew 40%+ in the first half with management noted.

Price: Intraday

noting channel inventory remains lean. Automotive also sounds better with BMS inflecting positive

for the first time in two years and an improving backdrop in China. Auto business realized record

bookings with positive book to bill and continued ADAS and GMSL content gains supporting Cal CHANGE TO JEFe JEF vs CONS

M/HSD sequential growth in July/Q. Communications also outperforming tied to ongoing data 2026 2027 2026 2027

center strength which now represents 75% of total segment revenue growing 90%+ Y/Y. The REV +9% +10% +7% +11%

optical and power portfolios contributed roughly equal growth rates and the pending Empower EPS +14% +15% +9% +15%

acquisition layers in incremental TAM as IVR technology ramps into the AI accelerator socket in