Analog Devices (ADI) is a "steady performer" amid macro uncertainty, even though valuation has "little room" for upside, Morgan Stanley said in a note Friday.
The investment bank said it continues to consider the company the most defensible name in its analog and microcontroller units coverage.
Morgan Stanley said the company joined the list of "strong" prints in the sector this quarter, with the $2.64 billion revenue exceeding the consensus.
"Our numbers are mostly unchanged, reflecting a balance between a cyclical recovery and tariff uncertainty," the firm said.
Morgan Stanley cut its price target on Analog Devices to $212 from $214 and maintained its overweight rating.
Price: 208.85, Change: -3.08, Percent Change: -1.45
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