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Can Analog Devices (ADI) Run Higher on Strong Earnings Estimate Revisions?

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Analog Devices, Inc. (ADI - Free Report) is an American multinational semiconductor company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on ADI’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Analog Devices could be a solid choice for investors.

Current Quarter Estimates for ADI

In the past 30 days, 7 estimates have gone higher for Analog Devices while none has gone lower in the same time period. The trend has been pretty favorable too, with estimates rising from 77 cents a share 30 days ago, to 82 cents per share today, a move of 6.5%.

Current Year Estimates for ADI

Meanwhile, Analog Devices’s current year figures are also looking quite promising, with 10 estimates moving higher in the past month, compared to one lower. The consensus estimate trend has also seen a boost for this time frame, rising from $3.39 per share 30 days ago to $3.68 per share today, an increase of 8.6%.

Analog Devices, Inc. Price and Consensus

Bottom Line

The stock has also started to move higher lately, adding 6.2% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #1 (Strong Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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