Option Millionaires

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Analog Devices price target raised to $280 from $210 at Evercore ISI
Evercore ISI raised the firm's price target on Analog Devices to $280 from $210 and keeps an Outperform rating on the shares following what the firm calls "a solid Beat/Raise" April quarter report. The firm estimates that Analog is shipping 20%-25% below real consumption and that the analog/MCU industry is setting up for a material snap-back in demand in the second half of 2024 due to supply chain inventory over-correction, which leads it to consequently contend that Street estimates "remain too low."