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To: Return to Sender who wrote (91136)	11/17/2023 9:35:21 AM
From: Return to Sender	Respond to of 95358

Analog Devices Upgraded by Morgan Stanley to Overweight From Equalweight, Price Target Raised to $225 From $176 7:27 AM ET 11/17/23 \| MT Newswires Analog Devices Upgraded by Morgan Stanley to Overweight From Equalweight, Price Target Raised to $225 From $17607:27 AM EST, 11/17/2023 (MT Newswires) -- Analog Devices (ADI) received an investment rating upgrade late Thursday to overweight from equalweight from Morgan Stanley, which said the bottom is "in sight" for analog devices and microcontroller units. Morgan Stanley also raised its price target on Analog Devices' shares to $225 each from $176. The new target represents the high end of analysts' price target range on the stock according to Capital IQ. The upgrade comes as Morgan Stanley's analysts said in a late-Thursday note to clients that they expect the current analog device cycle, which peaked in May 2022, to have a bottom in May 2024 given that past cycles have lasted about 22 to 26 months. The improved visibility of a bottom has caused the firm to shift to a "late downcycle playbook, upgrading ADI and turning more optimistic on the analog group," the analysts said. Looking at Analog Devices more specifically, Morgan Stanley's analysts cited three reasons for their upgrade of the semiconductor company's stock. First, the company has outperformed peers in the past three downcycles, with its gross margin staying "resilient" through cycle, the analysts said. Second, "the company's forward earnings are de-risked as the company has already guided down materially," the analysts said. Third, they added, the firm expects Analog Devices' direct competition with emerging Chinese capacity to be limited. Analog Devices has an average investment rating of outperform among analysts polled by Capital IQ, with price targets ranging from $175 to $225. (MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: mtnewswires.com