Wells Fargo Raises Analog Devices Price Target to $515

Wells Fargo analyst Joe Quatrochi raised the price target on Analog Devices (NASDAQ: ADI) to $515.00 (from $470.00) while maintaining an Overweight rating.

“We are buyers of ADI, as the company again delivered strong results, driven by an expanding recovery in industrial, DC strength & auto.

While GM% has limited upside, we think ADI can continue to deliver strong EBIT% leverage / EPS growth. PT $515. Estimate Changes.

We expect Street est to increase post F2Q26 results given strong beat / raise.

Our C2026E, C2027E, & C2028E rev / EPS est stand at $15.53B / $13.23, $17.08B / $14.82, and $18.42B / $16.38 (vs. prior $14.6B / $12.03, $15.9B / $13.44, and $17.1B / $14.88).

With est increases, we move our PT to $515 (was $470)—35x P/E & 29x EV/EBITDA our C2027 est.”

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