12 Best Internet of Things Stocks To Buy According to Analysts

7. Analog Devices, Inc. (NASDAQ:ADI)

Analyst Upside Potential: 18.82%

Analog Devices, Inc. (NASDAQ:ADI) is a global semiconductor company that creates and sells electronic components and systems. These electronic systems become key components for implementing Internet of Things systems as they combine analog, digital, and software technologies together. Its products include integrated circuits, which are used in data conversion, amplifying signals, managing power in devices, handling radio frequencies for communication devices, and creating sensors that detect changes in the environment.

On February 14, Tore Svanberg, an analyst at Stifel Nicolaus, maintained a Buy rating on the stock with a price target of $275. Analog Devices, Inc. (NASDAQ:ADI) despite facing challenges from customer inventory issues in fiscal 2024 was able to exceed revenue and profitability above the midpoint guidance. Moreover, it maintained operating margins above 40%, showcasing the resilience of its business model even during difficult times. In addition, Analog Devices, Inc. (NASDAQ:ADI) continued making strategic investments in engineering, manufacturing, and enhancing the customer experience to position itself for long-term success. Looking ahead, the company projects revenue of $2.35 billion for the fiscal first quarter of 2025. It is one of the best Internet of Things stocks to buy according to analysts.

Carillon Eagle Growth & Income Fund stated the following regarding Analog Devices, Inc. (NASDAQ:ADI) in its Q2 2024 investor letter:

“Analog Devices, Inc. (NASDAQ:ADI) rebounded as management teams at several semiconductor companies in the analog space called the bottom, seeing improved conditions ahead. The analog semiconductor industry is a very cyclical business that has underperformed the broader semiconductor industry for several years.”