Analog Devices (ADI)

Outperform Recap: Q2 FY26

Empower Semi Acquisition Adds Vertical Power for AI Accelerators; Data Center +90%, All Industrial Subsectors Firing, Record 73% GM — Outperform, Highest Conviction of Cycle

Outperform Recap: Q1 FY26

Inflection Confirmed: Revenue Accelerates to +30%, Communications +63% on Data Center Surge, Vince Calls FY26 a "Banner Year" — Maintaining Outperform, HIGH Conviction

Outperform Recap: Q4 FY25

Data Center Crosses $1B Quarterly Run Rate; 7th Consecutive Above-Seasonal Guide as FY25 Closes at Record $4.3B FCF — Maintaining Outperform

Outperform Recap: Q3 FY25

2030 Framework Targets Doubled Business with Humanoid Robotics 10x Content; Industrial QoQ Accelerating, Comms +40% on AI — Maintaining Outperform

Outperform Recap: Q2 FY25

Industrial Recovery Broadens, Communications +32% on AI Buildouts, Q3 Guide Above Street — Initiating at Outperform