Stifel Reiterates Buy on Analog Devices, $498 PT

Stifel analyst Tore Svanberg reiterated a Buy rating and $498 price target on Analog Devices (NASDAQ: ADI).

“Expect solid F3Q26 results above our $3.90bn revenue estimate (+7.6% q/q), supported by three factors: (i) positive analog and industry data; (ii) constructive peer reporting and above-seasonal outlooks; and (iii) ADI-specific drivers across ATE, A&D, Auto content and AI DC intersecting with the broader cyclical recovery.For F4Q26E, we see upside to our $3.98bn revenue estimate (+2.0% q/q), as improving order visibility, lean channel inventory and strength across Industrial, Auto and AI infrastructure support continued above-seasonal growth.With volume driving the F2Q26A beat, customer inventories still lean, and strength broadening across Industrial, data center and Auto, we see ADI entering F2H26E with one of the strongest setups in the analog group.Reminding investors of our view that ADI’s focus on high-end B2B analog markets positions the company to exhibit above-industry growth longer-term, we maintain our Buy rating and 12-month Target Price of $498, representing 15.0x CY27E EV/Sales Multiple.”

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