UBS reiterated a Neutral rating on Analog Devices (NASDAQ: ADI), and raised the price target to $58.50 (from $54.00), following the company's 2Q earnings report.

Analyst Stephen Chin commented, "Analog Devices reported an in line F2Q, but more importantly trends in its industrial, auto, and comms infrastructure segments continue to improve from a bookings and/or customer sentiment perspective. A key positive was expectations for wireless/wired equipment capex to remain stable, and prospects in small cells and macro basestations are recovering in China. With the inventory correction in consumer portables behind it, we believe 2H growth prospects are encouraging as ADI expects to see content growth YoY at a top customer (we believe Apple). The Jul-16 revenue outlook midpoint was light of our forecast given back-end loaded consumer demand, and could still lead to strong operating leverage into year-end given the timing of smartphone builds."

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Shares of Analog Devices closed at $55.82 yesterday.