Analog Devices price target raised to $220 from $200 at Bernstein

Bernstein analyst Stacy Rasgon raised the firm’s price target on Analog Devices to $220 from $200 and keeps an Outperform rating on the shares. The firm notes Analog Devices’ Q1 results were solid, with Industrial, Auto, Communications and Consumer all above sell-side expectations though the beat was primarily driven by Industrial and Auto. Q2 guidance was also strong, down slightly sequentially but above expectations, Bernstein adds.