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

Number of Hedge Fund Holders: 64 

Analog Devices, Inc. (NASDAQ:ADI) designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products. Truist downgraded Analog Devices, Inc. (NASDAQ:ADI) stock to Hold from Buy with a price target of $233, down from $266. The advisory also downgraded the semiconductor industry to Neutral from Constructive. In a research note, the advisory detailed that industry revenue growth had peaked and was entering a slow fade, while stock investment returns had been robust cycle-to-date, making significant additional returns from here more challenging.

However, Truist recognized that the fundamentals of ADI appeared to have recently bottomed, and forecast a significant recovery in 2025, but noted the stock was also trading at 28-times estimated 2025 earnings, representing an historical peak for the company, with much of the potential upside already embedded in the stock price.