Analog Devices (ADI) PT Raised to $275 at Truist Securities

Truist Securities analyst William Stein raised the price target on Analog Devices (NASDAQ: ADI) to $275.00 (from $222.00) while maintaining a Buy rating.

The analyst commented: "ADI delivers its first upward revision for this cycle ADI beat CQ1 (April) consensus and guided CQ2 (July) above consensus, driving an upward revision, and identifying the CQ1 bottom in ADI's cycle. Investors will recognize the contradiction: ADI is marking the bottom in fundamentals while the stock is at an all-time high, and not exactly "cheap" on consensus CY25, which embeds a meaningful recovery. Still, we lean on our industry-level cycle work to reaffirm our positive view on semis. ADI's profitable strategy helps. CY25 EPS to $8.60 (from $8.39). PT to $275 (from $222) based on 32x (7x historical discount to Analog peers). Buy."

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