KeyBanc Raises Analog Devices Price Target to $500

KeyBanc analyst John Vinh raised the price target on Analog Devices (NASDAQ: ADI) to $500.00 (from $430.00) while maintaining an Overweight rating.

“Strong Results and Guidance; Upside Driven Mostly from Data Center and Consumer; ADI reported strong F2Q (Apr) results and F3Q (July) guidance.

Upside in the quarter was driven by Communications, given Data Center strength in optical and power as it is now 75% of Comms and grew +90% y/y, and Consumer, while Industrial and Auto slightly missed.

F3Q guidance sees above seasonal trends in Comms (+low/mid teens q/q), Auto and Industrial (+MSD/HSD q/q).

Depsite the strong results, ADI notes it has yet to see signs of customer restocking, as inventory levels remain lean.

We’re encouraged by these results and, as such, are raising ests and our PT to $500. Remain Overweight.”

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