Wells Fargo Raises Analog Devices Price Target to $470

Wells Fargo analyst Joe Quatrochi raised the price target on Analog Devices (NASDAQ: ADI) to $470.00 (from $410.00) while maintaining an Overweight rating.

“We remain positive on ADI ahead of F2Q26 results (5/20; BMO).

We expect the company to deliver another beat / raise driven by accelerating AI demand (ATE + Comms DC) & broad-based Industrial strength.

PT $470 Expecting Positive Beat / Raise; Increasing Estimates.

We raise our F2Q26 est to high-end of ADI’s guide & F3Q26 est to modestly above the street as we expect ADI to deliver another positive beat / raise.

With a modest (we est ~$60M) q/q headwind from non-recurring channel re-price, we expect the company to guide at high-end / above F3Q’s +LSD% q/q seasonality; we view buyside bogey at ~$3.7B.

We expect GM% guide relatively inline w/ our / street at 71.9%.”

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