Analog Devices, Inc. (Nasdaq: ADI)

Analog Devices, Inc. (Nasdaq: ADI) designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems that leverage analog, mixed-signal, and digital signal processing technologies.

The company, which specializes in data conversion, signal processing and power management technology, has a $77.84 billion market cap and appears to be modestly undervalued.

On June 5, Citi analyst Christopher Danely named Analog Devices, Inc. (NASDAQ:ADI) as his top semiconductor pick given the firm’s “defensive nature.” 

BofA analyst Vivek Arya was also bullish on Analog Devices, Inc. (NASDAQ:ADI) within the semi space, and gave the stock a ‘Buy’ rating, whilst lowering the price target to $190 from $220. The analyst sees chip demand taking a hit well into 2023 due to consumer weakness, geopolitical tensions and a tighter monetary policy around the globe.

However, he notes that unit weakness “could be cushioned by richer non-consumer mix, robust pricing, expanding content, and constrained supply.”