Stifel Reiterates Buy Rating on Analog Devices

Stifel analyst Tore Svanberg reiterated a Buy rating and $450.00 price target on Analog Devices (NASDAQ: ADI).

“ADI announced plans to acquire private Empower Semiconductor for $1.5bn cash, with expectations for the deal to close in 2H26E.Empower’s core technology is monolithically integrated voltage regulators (IVRs) tailor-made for XPU/chiplet VPD at current levels ADI does not have today, as well as silicon capacitors which are co-designed with the IVRs for Empower’s VPD solution.Key Takeaway: While we await further details tomorrow on ADI’s F2Q26 earnings call regarding the deal and positioning, Empower’s IVR technology supports power currents exceeding 3,000A, which should position ADI well for next-gen VPD sockets in merchant and XPU accelerator roadmaps it is not well-positioned for pre-acquisition.”

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