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

JPMorgan raised the firm’s price target on Analog Devices to $260 from $220 and keeps an Overweight rating on the shares. The company reported slightly better than expected revenue for its April quarter, which largely reflected expected broad-based shipment declines as it worked through excess inventories. After several quarters of under-shipping consumption trends, Analog Devices believes customer inventory levels are beginning to normalize, the analyst tells investors in a research note.