Analog Devices price target raised to $500 from $430 at KeyBanc

KeyBanc analyst John Vinh raised the firm’s price target on Analog Devices (ADI) to $500 from $430 and keeps an Overweight rating on the shares. The firm notes the company reported strong Q2 results and Q3 guidance. Upside in the quarter was driven by Communications, given Data Center strength in optical and power as it is now 75% of Comms and grew 90% year-over-year, and Consumer, while Industrial and Auto slightly missed. KeyBanc points out that Q3 guidance sees above seasonal trends in Comms, Auto and Industrial. Despite the strong results, Analog Devices notes it has yet to see signs of customer restocking, as inventory levels remain lean.