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Technology Stocks : ADI: The SHARCs are circling!
ADI 318.70+0.3%3:59 PM EST
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To: Jim Oravetz who wrote (2841)3/3/2004 12:23:36 PM
From: Jim Oravetz  Read Replies (1) of 2882
 
Analog Devices Poised For Further Gains

Analog Devices (ADI: NYSE)
By First Global U.S. Research ($51.39, March 2, 2004)

WE ARE UPGRADING SHARES of Analog Devices to Market Outperform.


Analog Devices operates in two of the fastest growing segments of the semiconductor industry, high performance analog and digital signal processing (DSP). It is the leader in converters and amplifiers, with a market share of more than 40% in each and has increased opportunities available in the DSP space with Blackfin and TigerSHARC

Analog Devices' operations have been consistently profitable and free cash flow generating, even during tough times for the industry. It has a strong balance sheet, with a cash balance amounting to $2.3 billion and now has no debt.

We believe that high performance analog and DSP will continue to be one of the fastest growing segments of the semiconductor industry in the coming years as well. Moreover, for Analog Devices, the operating leverage (because of the higher expected gross margin and also because expenses are expected to grow at a slower pace than revenue) will kick in, to ensure that earnings grow more rapidly than revenue.

-- Devina Mehra, Chief Strategist
-- Kuldeep Koul, Analyst
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