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In the Premarket trading session on Wednesday, Analog Devices Inc. stock was trading at 118.57- Higher by 0.78% as compared to its previous close.
The company reported first-quarter on Wednesday. Stocks of Analog Devices are on the rise after the company reported better-than-expected earnings.
The quarter result was in line with the market expectations as the demand during the few last months has stabilized and has shown signs of improvement.
The company generated earnings per share of $1.03 for the first quarter. The earnings per share were above the consensus estimates of $1. Analog devices brought in $1.30 billion in revenue for the first quarter. The revenue was also in line with the market expectation of $1.30 billion.
From the beginning to this year the shares of the company have lost 0.23% and 4.98% down from its 52-week high.
The CEO of the company said that “we have built momentum and will continue to do so by prioritizing goals and we’ll try to develop a more customer-centric business model and using our capital efficiently. The company will focus on capitalizing on the ongoing trend to expand its market and drive growth.
On the technical front, the slop of the 13 and 26-days EMA is up and 13-day ema have crossed 26-days ema which suggests strong positive momentum. The MACD also suggests that the market will move in an upward direction.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION BUY @ 124.10, STOPLOSS @ 123.10, TARGET @ 126.10