Analog Devices price target raised to $215 from $214 at Truist

Truist analyst William Stein raised the firm’s price target on Analog Devices to $215 from $214 and keeps a Buy rating on the shares as part of a broader research note and a more positive outlook for Semis and AI names. The analyst states that while he is including the incrementally negative fundamental feedback from contacts into his models and taking his 2023 estimates below consensus, he anticipates a recovery in 2024. Stein added that if the current cycle echoes prior average patterns, ex-outliers and semi stocks are set to deliver about 135% return over the next 2 years, even if the next quarter or two result in modest negative fundamental revisions.