Analog Devices price target raised to $200 from $190 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Analog Devices to $200 from $190 and keeps a Hold rating on the shares. While confident in improving fundamental growth in 2024 for the Semis group, the rapid rise in the SOX over the last one and a half months has created a more challenging stock “setup” heading into 2024, the analyst tells investors. Given the more accommodating interest rate environment, the firm has determined it “prudent” to adjust price targets in the Semis group slightly upwards across select names to reflect the “slightly higher valuations currently priced in,” the analyst added.