Analysts at Oppenheimer provided their key takeaways from Analog Devices, Inc’s (NASDAQ:ADI) Investor Day. According to the analysts, management’s tone was bullish, as it raised the long-term revenue growth target (midpoint of 5-year CAGR) to 8.5%. Management sees Q2 sales at/above the high end of the original guidance of $2.7 billion - $2.9 billion.

ADI/MXIM cost synergies increased to $400 million (from $275 million). Management sees over $1 billion revenue synergies beginning to materialize in 2024.

While the company did not fully update guidance for the April quarter, it did say it expects revenues to be near or above the high-end of guidance.

Following the Investor Day, the analysts raised their 2022/2023 EPS from $8.97/$9.85 to $9.11/$10.10 and maintained their Outperform rating with a $210 price target.