Barclays upgrades Analog Devices as industrial recovery takes shape

Barclays upgraded Analog Devices (ADI) to Overweight, citing the company’s strong position to benefit from an improving industrial sector and its “cleanest operating model and balance sheet.” Analyst Tom O’Malley noted that while broader industrial recovery is emerging, ADI’s high leverage to industrial exposure makes it the most attractive stock in the space. The bank initiated coverage on Microchip and ON Semiconductor at Equal Weight, highlighting specific challenges for each despite some growth opportunities.