Analog Devices price target raised to $205 from $191 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Analog Devices to $205 from $191 and keeps a Buy rating on the shares after its Q1 earnings beat and guidance. The firm notes that consensus numbers should reset lower in light of the subdued near-term outlook for Q2, but it also sees a “cyclical trough” as Q1 was the second consecutive quarter in which bookings increased sequentially, the analyst tells investors in a research note. Goldman Sachs adds that its higher price target reflects higher comp multiples.