Truist Raises Analog Devices Price Target to $364

Truist Securities analyst William Stein raised the price target on Analog Devices (NASDAQ: ADI) to $364.00 (from $291.00) while maintaining a Hold rating.

“Cyclical strength is building; PT to $364. Retain hold on valuation; favor direct AI investments; ADI’s cyclical recovery extends, again.

ADI delivered a strong CQ4 and even stronger CQ1 outlook, driven by a combo of cyclical demand, idiosyncratic factors, and (expected) price increases.

We acknowledge these drivers are supporting better performance than we expected from ADI this cycle.

Our Hold rating may seem a bit “off sides” right now, but we continue to encourage investors to focus on direct AI investments NVDA (Buy), AMD (Buy), and AVGO (Buy) which we believe offer superior growth vs. valuation.

Back to ADI… with our tail between our legs we raise CY27 EPS to $12.98 (from $11.18). PT to $364 (from $291) based on 28x (historical 6x disc to Analog peers).”

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