Analog Devices triggered a wave of analyst action on August 20. At least eight firms revised their views post-earnings. The stock sits at $370.24 — well below a consensus target that has moved sharply higher.
Bernstein's Stacy Rasgon made the boldest move. He upgraded ADI to Outperform from Market Perform and raised his target to $465 from $430. That implies 25.6% upside from Thursday's close.
Rasgon wasn't alone. JP Morgan's Harlan Sur lifted his target to $500 from $450, maintaining Overweight. Morgan Stanley raised to $458 from $428. Needham went to $450 from $440. Seaport Global upgraded to Buy. BMO Capital initiated with Outperform at $430.
The consensus mean price target now stands at $463. Of 27 analysts tracked, 24 rate the stock Buy. Three say Hold. None rate it Sell.
Wells Fargo was the lone note of caution — maintaining Overweight but trimming its target to $500 from $515. One step back against seven steps forward.
The post-earnings move was modest. ADI fell 1.7% on August 19 and is down roughly 2.9% on the week. Previous coverage noted this was the narrowest decline among core analog peers — MCHP, TXN, ON, and DIOD all fell harder. The selloff appears sector-driven, not company-specific.
The bull case centers on industrial and data center strength, plus the Empower Semiconductor acquisition expanding ADI's AI power portfolio. The bear case flags macro pressure in consumer end-markets and argues positives are priced in — though the gap between the stock and consensus target suggests the market hasn't fully agreed with that framing.
Put/call ratio dropped to 0.794 on August 20, nearly two standard deviations below its 20-day mean of 0.884. That's the lowest PCR reading in recent months. Options traders are rotating toward calls — consistent with the analyst upgrade wave.
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