Wells Fargo analyst Joe Quatrochi raised the firm’s price target on Analog Devices (ADI) to $205 from $200 and keeps an Equal Weight rating on the shares. The firm notes the company remains positive on signs of a cycle recovery, particularly in Industrial where book-to-bill returned to greater than 1.0-time across all markets. However, this was overshadowed by the auto-related demand pull-forward during Q2, Wells adds.
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