Baird reiterated an Outperform rating on Analog Devices (NASDAQ: ADI), and raised the price target to $77.00 (from $70.00), following the company's 4Q earnings report. Pro forma EPS was reported at $1.05, well above the company's guidance of $0.84-$0.94. Revenue was above the high end of guidance of $910-$970 million, coming in at $1,003.6 million, up 15.4% sequentially.

Analyst Tristan Gerra commented, "Reiterating Outperform rating on strong execution, raised accretion estimate from pending Linear Tech acquisition, along with an improving macro environment, notably in higher-margin end markets such as industrial. Inventory levels at distributors are the lowest in years, which bodes well for Analog Devices' utilization rates and gross margin into F2017, in our view. Debt deleveraging post acquisition close could drive some expansion in the stock's multiple over time."

For an analyst ratings summary and ratings history on Analog Devices click here. For more ratings news on Analog Devices click here.

Shares of Analog Devices closed at $69.82 yesterday.