Analog Devices price target raised to $275 from $222 at Truist

Truist analyst William Stein raised the firm’s price target on Analog Devices to $275 from $222 and keeps a Buy rating on the shares. The company’s Q1 results topped estimates while the management’s above-consensus guidance “identified” the bottom in the cycle, the analyst tells investors in a research note. While the stock is “not exactly cheap” on consensus 2025, which assumes a meaningful recovery, the firm is relying on its industry-level cycle work to reaffirm its positive view on semis and also believes that Analog Devices’ “profitable strategy helps”, Truist added.