Up 12% in 2024, You May Want to Buy This Semiconductor Stock Before It Goes on a Bull Run
Analog Devices (NASDAQ: ADI) isn't as well-known in the semiconductor industry as major players like Nvidia or Taiwan Semiconductor, which are riding the fast-growing adoption of artificial intelligence (AI) and reporting eye-popping growth. That explains why shares of the chipmaker are up just 12% year to date, lagging the stunning gains recorded by some of its peers and the semiconductor sector overall.
However, a closer look at the company's latest quarterly results and management's commentary indicates the chipmaker is on the verge of a turnaround. With its offerings used in various end markets, including the industrial, automotive, consumer, and aerospace and defense industries, among others, buying this semiconductor stock right now could be a smart thing to do from a long-term perspective.
Analog Devices released its fiscal 2024 third-quarter results (for the three months ended Aug. 3) last month. The company's revenue fell 25% year over year to $2.31 billion, while non-GAAP earnings were down 37% from the same quarter last year to $1.58 per share.
Source Fool.com
