Analog Devices price target lowered to $260 from $275 at Benchmark

Benchmark analyst David Williams lowered the firm’s price target on Analog Devices (ADI) to $260 from $275 and keeps a Buy rating on the shares. Analog’s Q2 results and outlook were “much better than the stock reaction suggested,” with shares down over 4% on the day despite the “healthy beat and raise,” the analyst tells investors. Commentary around Automotive pull-ins “seemed to spook investors,” though the company was very clear order patterns have since normalized, the analyst added. While tariffs may be tempering the initial rebound and obscuring true demand, the widespread strength in bookings indicates the recovery is emerging, the analyst contends.