Wells Fargo analyst Joe Quatrochi raised the firm’s price target on Analog Devices (ADI) to $515 from $470 and keeps an Overweight rating on the shares. The firm says it is a buyer of Analog Devices, as the company again delivered strong results, driven by an expanding recovery in industrial, DC strength and auto. While gross margin percentage has limited upside, Wells thinks Analog Devices can continue to deliver strong EBIT leverage / EPS growth.
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