Evercore ISI analyst Mark Lipacis raised the price target on Analog Devices (NASDAQ: ADI) to $280.00 (from $231.00) while maintaining a Outperform rating.

The analyst comments "Buyers Post Beat/Raise – Cyclical Upturn. We’re buyers of ADI post beat/raise AprQ print. We believe ADI has entered 4-to-8 quarters of upward revisions that began in Jan when ADI revs came in near the high-end of guided range, followed by Apr Q revs above the high-end of guidance. This mirrors trends we saw in 2003, 2010, and 2021 where ADI managed to print revs at/above the high-end of guided range driven by 1) EMS/Disti inventories declining 5-to-9 quarters, 2) EMS and/or Disti inventories below trendline, 3) ADI shipping well below consumption. Our 2026 Revs estimate is +13% above consensus but we think could prove conservative. We increase our PT to $280, 24x our 2027 EPS of $12.66 discounted back. Reiterate Outperform."