It was not all that long ago when Analog Devices (NYSE:ADI) looked like a relatively undervalued play in the chip sector and good candidate for more conservative investors wanting tech exposure. When I last wrote on Analog in mid-August, I was positive on the stock and shares have jumped about five points (nearly 20%) since then. While a lot of the easy short-term money may already be in the bank, there are still solid reasons for investors to keep a careful eye on this name.
As Expected, A Solid Quarter Analog delivered yet another solid quarter to close out its fiscal year. Revenue jumped 35% from the year-ago level, and rose 7% on a sequential basis. Growth was led once again by strong results in communications, where revenue rose 19% sequentially on the back of demand in applications like base stations (likely good news as well for Powerwave (Nasdaq:PWAV)). Auto sales were also strong, with a 12% sequential improvement, while industrial and consumer were up 3% and 2% respectively.
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