Barclays analyst Blayne Curtis upgraded Analog Devices to Overweight from Equal Weight and raised his price target for the shares to $130 from $105. The analyst views the company as the biggest winner in the massive multiple-input multiple-output rollout. Analog Devices is the "clearest winner in Massive MIMO" and will look cheap as 2021 estimates come into focus, Curtis tells investors in a research note. He believes the company's content, with Texas Instruments (TXN) being the only competition, scales as Massive MIMO drives higher channels per radio. Korea deployed Massive MIMO widely in its 5G rollout and China should as well, but other regions may take a more tempered approach favoring dense/urban environments first, says Curtis.