<p>亚德诺半导体（Analog Devices）在纳斯达克上市的股票价格在 5 月中旬达到了峰值，预计将在年中回调。市场迫切需要这种回调，因为该股价格最近几乎以垂直的方式上涨了约 35%。</p>
<p>问题在于回调的深度可能有多深，可能的答案是不会太深。亚德诺半导体的 2023 财年第二季度业绩并未成为多头的催化剂，但与市场趋势完全一致，表明股价的上升趋势尚未结束。</p>
<p>获取 <strong>亚德诺半导体</strong> 的提醒：</p>
<p>市场趋势包括由人工智能和数据中心驱动的加速超级周期，所有终端市场均可见增长。以人工智能为中心，投资者可以期待一个持续数年，甚至可能是数十年的周期，在这个周期中形成正反馈循环。迹象已经出现，表明新的人工智能基础设施推动新的应用场景、新的物联网（IoT）应用和系统性需求的增加。物联网在这个方程中至关重要，因为它使边缘计算的人工智能成为可能，并且是亚德诺半导体擅长的市场细分领域。</p>
<h2>亚德诺半导体加速增长，提升指引</h2>
<p>亚德诺半导体在本季度表现强劲，增长超过 37%，需求加速。收入增长在环比和同比（YOY）上均有所加速，所有终端市场均表现强劲。工业和通信领域分别增长了 56% 和 79%，消费品增长 23%，汽车领域增长 2%。展望未来，所有细分市场预计将保持积极，汽车领域有望改善。</p>
<p>利润率是支持股价上涨前景的另一个因素。公司的收入杠杆和运营改善导致各级利润率扩大，包括 GAAP 和调整后的比较。调整后的毛利率提高了 360 个基点（bps），营业利润率提高了 780 个基点，推动调整后收益增长 67%，超出 MarketBeat 报告的共识预期 600 个基点以上。管理层预计积极势头将持续，并相应发布了指引。</p>
<p>指引可能会催化股价上涨。公司预计收入将环比增长超过 7.7%，得益于创纪录的 2023 财年第二季度订单，调整后的每股收益（EPS）为 3.30 美元，而分析师预期为 3.01 美元。可能的结果是 ADI 在其范围的高端表现，甚至可能超出，并在即将发布的报告中提供有利的指引。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260520081615_chart-adi-5202026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1200" height="642" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260520081615_chart-adi-5202026.png"/></p>
<h2>ADI：建立在坚实资产负债表上的资本回报机器</h2>
<p>亚德诺半导体不仅是工业半导体超级周期的稳健投资，也是一个健康的资本回报机器。公司支付股息并回购股票，在 2023 财年上半年减少了 1.5% 的股票数量，并有望在年底前保持这一速度。尽管股价接近 400 美元，股息低于广泛市场平均水平，但它是一个可靠的支付，约为 1%。预计分配也将每年增加，ADI 有望被纳入股息贵族指数。</p>
<p>亚德诺半导体的资产负债表是持有该股票的另一个理由。2023 财年第二季度的亮点反映了股票回购、股息和资本支出（CapEx）的影响，但整体健康，现金充足，杠杆低，尽管股票数量大幅减少，但股本稳定。结论是，ADI 处于健康的财务状况，能够执行战略、满足需求并为投资者驱动现金流。</p>
<h2>分析师和机构为 ADI 的价格回调奠定基础</h2>
<p>分析师和机构对 ADI 股票持乐观态度，但市场在 5 月末前瞻性地定价，准备进行适度回调。</p>
<p>关键要点是，31 位分析师给予中性买入评级，87% 的偏向于买入，没有卖出记录，价格目标在过去 12 个月内上涨了 50%。这一趋势将市场推向 500 美元以上的高端区间，这将为市场带来 25% 的上涨空间，而这一趋势可能尚未结束。最近的财报发布表明，市场共识数字将继续上升，甚至可能达到高端。</p>
<p>机构在 ADI 价格下跌时可能是买家，但他们也可能导致价格下跌。数据显示，约 87% 的高持股率足以影响市场方向，该群体在 2023 财年第二季度初期进行了卖出。问题是机构是否会在反弹中继续卖出，还是在较低价格时恢复更乐观的立场。</p>
<p>考虑到半导体行业增长、现金流和资本回报的前景，后者更可能成为现实。</p>
<h2>你现在应该投资 1000 美元在亚德诺半导体吗？</h2>
<p>在考虑亚德诺半导体之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐的股票。MarketBeat 已经识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛市场注意之前立即购买……而亚德诺半导体并不在名单上。</p>
<p>尽管亚德诺半导体目前在分析师中获得中性买入评级，但顶级分析师认为这五只股票更值得投资。</p>
<p>查看这五只股票</p>

亚德诺

标普半导体 ETF - SPDR

半导体 ETF - VanEck Vectors

半导体 3 倍做多 - Direxion

费城交易所 半导体 ETF - iShares

<p>亚德诺（NASDAQ: ADI）在股价上涨 35% 后，面临回调的可能。尽管第二财季表现强劲，增长率达到 37%，分析师预测由于市场条件将出现适度回调。该公司在人工智能驱动的超级周期中处于良好位置，各个业务板块均呈现积极趋势。ADI 强劲的资产负债表支持分红和股票回购，使其成为一个稳健的投资选择。分析师维持适度买入评级，目标价暗示进一步的上涨潜力</p>

<p>Analog Devices' NASDAQ: ADI share price peaked in mid-May and is set up to pull back by mid-year. A pullback is much-needed for this market, as the stock price has recently advanced about 35% in a nearly vertical movement.</p>
<div class="lb-trans"><p>亚德诺半导体（Analog Devices）在纳斯达克上市的股票价格在 5 月中旬达到了峰值，预计将在年中回调。市场迫切需要这种回调，因为该股价格最近几乎以垂直的方式上涨了约 35%。</p>
</div><p>The question is how deep the pullback may get, and the likely answer is not very deep. Analog Devices' fiscal Q2 results weren’t a catalyst for bulls, but they align 100% with market trends, suggesting the uptrend in stock prices isn’t over.</p>
<div class="lb-trans"><p>问题在于回调的深度可能有多深，可能的答案是不会太深。亚德诺半导体的 2023 财年第二季度业绩并未成为多头的催化剂，但与市场趋势完全一致，表明股价的上升趋势尚未结束。</p>
</div><p>Get <strong>Analog Devices</strong> alerts:</p>
<div class="lb-trans"><p>获取 <strong>亚德诺半导体</strong> 的提醒：</p>
</div><p>Market trends include an accelerating supercycle driven by AI and data centers, with growth visible across all end markets. With AI at the center of this event, investors can look forward to a multiyear, potentially decades-long cycle in which positive feedback loops form. Signs are already present, pointing to loops in which new AI infrastructure drives new use cases, new Internet of Things (IoT) applications, and increased systemic demand. The IoT is critical to this equation, as it enables AI at the edge and is a market segment in which Analog Devices excels.</p>
<div class="lb-trans"><p>市场趋势包括由人工智能和数据中心驱动的加速超级周期，所有终端市场均可见增长。以人工智能为中心，投资者可以期待一个持续数年，甚至可能是数十年的周期，在这个周期中形成正反馈循环。迹象已经出现，表明新的人工智能基础设施推动新的应用场景、新的物联网（IoT）应用和系统性需求的增加。物联网在这个方程中至关重要，因为它使边缘计算的人工智能成为可能，并且是亚德诺半导体擅长的市场细分领域。</p>
</div><h2>Analog Devices Accelerates Growth, Raises Guidance</h2>
<div class="lb-trans"><h2>亚德诺半导体加速增长，提升指引</h2>
</div><p>Analog Devices had a robust quarter, with growth topping 37% as demand accelerated. Revenue growth accelerated sequentially and year over year (YOY), underpinned by strength across all end markets. Industrial and Communications led with gains of 56% and 79%, trailed bya 23% increase in Consumer and 2% gain in Automotive. Looking ahead, all segments are expected to remain positive, and Automotive is expected to improve.</p>
<div class="lb-trans"><p>亚德诺半导体在本季度表现强劲，增长超过 37%，需求加速。收入增长在环比和同比（YOY）上均有所加速，所有终端市场均表现强劲。工业和通信领域分别增长了 56% 和 79%，消费品增长 23%，汽车领域增长 2%。展望未来，所有细分市场预计将保持积极，汽车领域有望改善。</p>
</div><p>Margin was another factor supporting the outlook for rising stock prices. The company’s revenue leverage and operational improvements resulted in wider margins at all levels, including the GAAP and adjusted comparisons. Adjusted gross margin improved by 360 basis points (bps) and operating margin by 780 bps, driving a 67% increase in adjusted earnings that outpaced MarketBeat’s reported consensus by more than 600 bps. Management expects positive momentum to be sustained and issued guidance accordingly.</p>
<div class="lb-trans"><p>利润率是支持股价上涨前景的另一个因素。公司的收入杠杆和运营改善导致各级利润率扩大，包括 GAAP 和调整后的比较。调整后的毛利率提高了 360 个基点（bps），营业利润率提高了 780 个基点，推动调整后收益增长 67%，超出 MarketBeat 报告的共识预期 600 个基点以上。管理层预计积极势头将持续，并相应发布了指引。</p>
</div><p>Guidance will likely catalyze higher share prices. The company expects revenue to grow by more than 7.7% sequentially, underpinned by record fiscal Q2 bookings, and adjusted earnings per share (EPS) of $3.30 compared to the 3.01 analyst expectation. The likely outcome is that ADI performs at the high end of its range, potentially topping it, and provides favorable guidance in the upcoming report.</p>
<div class="lb-trans"><p>指引可能会催化股价上涨。公司预计收入将环比增长超过 7.7%，得益于创纪录的 2023 财年第二季度订单，调整后的每股收益（EPS）为 3.30 美元，而分析师预期为 3.01 美元。可能的结果是 ADI 在其范围的高端表现，甚至可能超出，并在即将发布的报告中提供有利的指引。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260520081615_chart-adi-5202026.png" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260520081615_chart-adi-5202026.png"/></p>
<h2>ADI: A Capital Return Machine Built on a Rock-Solid Balance Sheet</h2>
<div class="lb-trans"><h2>ADI：建立在坚实资产负债表上的资本回报机器</h2>
</div><p>Analog Devices is not only a solid play on the industrial semiconductor supercycle, but also a healthy capital return machine. The company pays dividends and buys back shares, reducing the count by 1.5% on a year to date (YTD) basis in the first half of its fiscal year and on track to sustain the pace through year’s end. The dividend is below the broad market average with shares near $400, but it is a reliable payment, worth approximately 1%. The distribution is also expected to increase annually, and ADI is on track for inclusion in the Dividend Aristocrats index.</p>
<div class="lb-trans"><p>亚德诺半导体不仅是工业半导体超级周期的稳健投资，也是一个健康的资本回报机器。公司支付股息并回购股票，在 2023 财年上半年减少了 1.5% 的股票数量，并有望在年底前保持这一速度。尽管股价接近 400 美元，股息低于广泛市场平均水平，但它是一个可靠的支付，约为 1%。预计分配也将每年增加，ADI 有望被纳入股息贵族指数。</p>
</div><p>Analog Devices' balance sheet is yet another reason to own this stock. The fiscal Q2 highlights reflect the impacts of share buybacks, dividends, and CapEx, but are otherwise healthy, with ample cash, low leverage, and steady equity despite aggressive share count reduction. The takeaway is that ADI is in a healthy financial condition, capable of executing strategy, meeting demand, and driving cash flow for its investors.</p>
<div class="lb-trans"><p>亚德诺半导体的资产负债表是持有该股票的另一个理由。2023 财年第二季度的亮点反映了股票回购、股息和资本支出（CapEx）的影响，但整体健康，现金充足，杠杆低，尽管股票数量大幅减少，但股本稳定。结论是，ADI 处于健康的财务状况，能够执行战略、满足需求并为投资者驱动现金流。</p>
</div><h2>Analysts and Institutions Set the Stage for ADI’s Price Pullback</h2>
<div class="lb-trans"><h2>分析师和机构为 ADI 的价格回调奠定基础</h2>
</div><p>Analysts and institutions are bullish on ADI stock, but the market is front-running the consensus price target as of late May, setting itself up for a moderate pullback.</p>
<div class="lb-trans"><p>分析师和机构对 ADI 股票持乐观态度，但市场在 5 月末前瞻性地定价，准备进行适度回调。</p>
</div><p>The critical takeaways are that 31 analysts carry a Moderate Buy rating, the bias is 87% in favor of Buy, no Sells are logged, and the price target is up 50% on a trailing 12-month basis. The trend is moving the market into the high-end range above $500, would would represent another 25% upside for this market, and the trend is likely not over. The recnet earnings release suggests the consensus figure will continue to rise, if not the high end as well.</p>
<div class="lb-trans"><p>关键要点是，31 位分析师给予中性买入评级，87% 的偏向于买入，没有卖出记录，价格目标在过去 12 个月内上涨了 50%。这一趋势将市场推向 500 美元以上的高端区间，这将为市场带来 25% 的上涨空间，而这一趋势可能尚未结束。最近的财报发布表明，市场共识数字将继续上升，甚至可能达到高端。</p>
</div><p>Institutions are likely buyers when the ADI price dips, but they may also cause price dips. The data reflect a high ownership rate of approximately 87%, which is sufficient to impact market direction, and the group was selling in early Q2. The question is whether institutions continue to sell into the rally or revert to a more bullish stance at lower prices.</p>
<div class="lb-trans"><p>机构在 ADI 价格下跌时可能是买家，但他们也可能导致价格下跌。数据显示，约 87% 的高持股率足以影响市场方向，该群体在 2023 财年第二季度初期进行了卖出。问题是机构是否会在反弹中继续卖出，还是在较低价格时恢复更乐观的立场。</p>
</div><p>Given the outlook for semiconductor industry growth, cash flow, and capital return, the latter is the more likely scenario.</p>
<div class="lb-trans"><p>考虑到半导体行业增长、现金流和资本回报的前景，后者更可能成为现实。</p>
</div><h2>Should You Invest $1,000 in Analog Devices Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在亚德诺半导体吗？</h2>
</div><p>Before you consider Analog Devices, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑亚德诺半导体之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Analog Devices wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐的股票。MarketBeat 已经识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛市场注意之前立即购买……而亚德诺半导体并不在名单上。</p>
</div><p>While Analog Devices currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>尽管亚德诺半导体目前在分析师中获得中性买入评级，但顶级分析师认为这五只股票更值得投资。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看这五只股票</p>
</div>

亚德诺提供了急需的回调：它的股价能跌到多低？