Bernstein Upgrades Analog Devices to Outperform, $465 Price Target

Bernstein SocGen Group analyst Stacy Rasgon upgraded Analog Devices (NASDAQ: ADI) from Market Perform to Outperform on August 19, 2026, with a price target of $465 (from $430).

“We have been on the analog sidelines for some time, mostly due to valuation.

However, the stock today is now trading in the low 20’s on our new FY27 EPS, and we now see a $20 EPS in 2028 as quite plausible.

Some may object to industrial growth (currently 50%+ YoY) as peaking and/or less GM utilization benefits from here, but on balance we are growing more positive on the overall growth trajectory and believe valuation may have become more decoupled from it, with risk reward skewing positive enough to tip us off the fence.

We raise estimates and take PT to $465 vs $430 prior (25x, down from 28x prior, applied to new avg FY27/28 EPS of $18.34), and upgrade the stock to Outperform.”

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