Analog Devices price target raised to $260 from $220 at Argus

Argus raised the firm’s price target on Analog Devices to $260 from $220 and keeps a Buy rating on the shares. The company’s Q2 results were above consensus estimates but still declined sharply year-over-year amid the ongoing “challenging” environment, the analyst tells investors in a research note. While economic softness continues to impact overall demand, management believes inventories have now largely been digested however, positioning Analog Devices for a stronger second half, Argus added.