Thoughts on Analog Positioning into 2Q Earnings; We See Opportunity

Research evidence excerpt

Thoughts on Analog Positioning into 2Q Earnings; We See Opportunity

Semiconductors & Semiconductor

Equipment

EQUITY RESEARCH Thoughts on Analog Positioning into 2Q Earnings; We July 8, 2026

See Opportunity Companies mentioned

Ticker Price Rating Target

After conversations with industry checks, mgmt. teams, and investors over ADI $379.03 Overweight $550.00

Prev $385.40 - - the past weeks, we highlight our top thoughts for the Analog complex into

MCHP $84.15 Overweight $125.00 the 2Q earnings season. Overall, we see the group generally positioned for

Prev $85.49 - - beats, raises, and above-seasonal growth into the 2H (think ~LSD-MSD%

NXPI $273.15 Overweight $400.00 above-seasonal) - with cyclical commentary likely continuing to improve

Prev $283.81 - - across reports. Investors continue to generally look for leverage to pricing,

ON $91.10 Neutral $110.00 power, and/or capacity - though we believe this opens some opportunity

Prev $93.79 - - with out-of-favor names. To this end, we would recommend going against

TXN $293.30 Neutral $340.00 the grain here and prefer ADI, MCHP, and NXPI into earnings. For ADI, we

Prev $301.32 - - see the most meaningful upside to estimates, under-appreciated power

Prices are as of 07/07/26. opportunity, strong leverage to AI-spend, and an attractive valuation

Research Analysts: (trading at only 19x CY28 EPS upside). For MCHP, we note upside to

Matthew Prisco estimates, strong relative growth setup, industrial overexposure, PCIe wins/

212-610-2416

Matthew.Prisco@cantor.com ramps, and greater segment detail on the come. And for NXPI, this remains

C.J. Muse the best value play with upside to estimates, leverage to edge AI, and

212-915-1935 under-appreciated secular exposure/through cycle resiliency. Elsewhere,