Analog Devices: In Surprise Turn of Events Auto Starts Out '26 Stronger

研报英文原文证据摘录

Analog Devices: In Surprise Turn of Events Auto Starts Out '26 Stronger

Equity Research

U.S. Semiconductors & Semiconductor Capital Equipment

20 May 2026

Analog Devices

In Surprise Turn of Events Auto

Starts Out '26 Stronger

Auto segment seeing recovery earlier than anticipated as a ADI OVERWEIGHT

function of better China. Industrial has room to run as 60% of Unchanged

the segment remains below prior peaks. U.S.SemiconductorSemiconductorsCapital& NEUTRAL

Equipment

Unchanged

Auto beat was broad based, but the company specifically called out China where L3 ADAS is Price Target USD 450.00

ramping in some vehicles by end of CY26. This was supported by record performance in Europe raised 5% from USD 430.00

and Japan, all while inventories remain fairly lean. GMs benefit from pricing increases but that Price (20-May-26) USD 398.05

falls off in guide (50 bps impact). The concern is that the company is largely maxed out in Potential Upside/Downside +13.1%

internal capacity, limiting the upside of further revenue revisions higher. The Empower Source: Bloomberg, Barclays Research

Semiconductor acquisition adds the missing puzzle piece to the company's grid-to-board power

solutions as mgmt notes attractive IP portfolio as driving factor. We would call out Empower's Market Cap (USD mn) 193885

partnership with MRVL for next-gen integrated power delivery for custom silicon platforms as an Shares Outstanding (mn) 487.09

example of the potential upside to ADI's DC play moving forward. We don't think the stock Free Float (%) 99.75

deserves the reaction today and think we should see further acceleration from the Industrial 52 Wk Avg Daily Volume (mn) 3.7

business. Dividend Yield (%) 1.11

Return on Equity TTM (%) 9.64

ADI: Quarterly and Annual EPS (USD)

Current BVPS (USD) 69.27