Analog Devices (ADI) PT Lowered to $219 at Truist; 'Cyclical Recovery Couded'

Truist Securities analyst William Stein lowered the price target on Analog Devices (NASDAQ: ADI) to $219.00 (from $248.00) while maintaining a Hold rating.

The analyst commented: "Automotive pull-ins & strange messaging pour cold water on ADI's cyclical recovery message; Cyclical recovery clouded. ADI posted strong CQ1 results & guided C2 well. Mgmt continues its "cycle on!" view, esp. in industrial. We ascribe the sell-off to three factors: (1) we suspect investors were long the stock heading into the qtr, - a challenging setup; (2) commentary of autos pull-ins draws attention to the downside effects of tariffs over the next few qtrs; and (3) strange messaging around full-year growth causes some confusion for anticipated CQ4 targets. Valuation and tariff concerns keep us on the sidelines. CY26 EPS to $8.77 (from $8.87). PT to $219 (from $248) based on 25x (5x historical disc to recently lowered Analog peers) our CY26 EPS. Hold."

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