Raymond James Raises Analog Devices Price Target to $385
Raymond James analyst Melissa Fairbanks raised the price target on Analog Devices (NASDAQ: ADI) to $385.00 (from $290.00) while maintaining an Outperform rating.
“We reiterate our Outperform rating on Analog Devices and raise our price target to $385 following another quarter of strong upside results.
Most importantly, while the company continues to deliver broadly above-market growth (and five consecutive quarters of q/q increases), management remains confident results do not reflect any restocking activity – and rather reflects true (or somewhat below) end market demand.
In addition to specific secular growth catalysts, including ATE, A&D, and Datacenter related products, other businesses continue to grow off a cyclical bottom.
We continue to view ADI as the industry leader in terms of higher content / higher-value systems – with industry-leading margins – in electrification, automation, and power.
Net, we maintain our favorable view of the company, and believe the company remains among the best positioned to benefit from secular growth catalysts.”
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