Piper Sandler Raises Analog Devices Price Target to $360

Piper Sandler analyst Harsh Kumar raised the price target on Analog Devices (NASDAQ: ADI) to $360.00 (from $250.00) while maintaining a Neutral rating.

“ADI reported very strong results in the January 2026 quarter and an exceptional guide, beating street expectations nicely on the heels of strong growth in the AI + data center segments.

The two pillars of AI data center, namely the Automatic Test Equipment (ATE) and DC Power contributed to strong growth.

Additionally, benefit came from strength in the optical segment within the communications business line. We see the strength continuing for several quarters from strong AI and Data Center build outs.

Automotive was subdued primarily from over-ordering in previous quarters from tariffs and macro uncertainties. GM benefited from pricing as well as from Growth in business.

Roughly 1/3 of the 11% seq. guidance in growth is coming from pricing, whereas the rest is driven by organic business.

At this time given valuation, we choose to stay on the sidelines but are impressed by ADI’s strategic positioning in the DC segment.

Overall, we expect ADI to continue to grow on the heels of a strong AI and DC portfolio.

As such we are raising our estimates to $11.28 on $13.9 bill in revs (vs previously $9.88 on $12.9 billion) for FY26 and $12.95 on $15.3 bill (vs previously $11.31 on $14.0 bill.) That said, given the valuation of ADI we continued to stay on the sidelines at this point and look for a better entry point.

Reiterate Neutral rating.”

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