Analog Devices price target lowered to $219 from $248 at Truist

Truist analyst William Stein lowered the firm’s price target on Analog Devices (ADI) to $219 from $248 and keeps a Hold rating on the shares. The firm notes the company posted strong Q1 results and guided Q2 well. Management continues its “cycle on!” view, especially in industrial. Truist ascribes the selloff to three factors: investors being long the stock heading into the quarter, – a challenging setup; commentary of autos pull-ins drawing attention to the downside effects of tariffs over the next few quarters; and strange messaging around full-year growth causing some confusion for anticipated Q4 targets. Valuation and tariff concerns keep the firm on the sidelines.