Stifel Raises Analog Devices Price Target to $450

Stifel analyst Tore Svanberg raised the price target on Analog Devices (NASDAQ: ADI) to $450.00 (from $405.00) while maintaining a Buy rating.

“Expect upside in the Apr Q print relative to our $3.50bn estimate (+10.8% q/q), based on several factors: (1) solid bookings and lean channel inventory (~6-7 weeks); (2) end market expectations are constructive as all ex.

Consumer should grow sequentially; and (3) constructive peer results signals broad-based recovery (TXN, NXPI, MCHP, ON).Upside possible in Jul Q guide, as the company benefits from continued strength in its Industrial business (ATE & A&D) and a uniquely rich B2B sales mix levered towards high-end analog solutions, further aided by reported price increases.Reminding investors of our view that ADI’s focus on the high-end of B2B analog markets positions the company to exhibit above-industry growth longer-term, we maintain our Buy rating, with raised 12-month TP of $450 (from $405), representing a 15.5x CY27E EV/Sales Multiple.”

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