Analog Devices (ADI) PT Raised to $81 at UBS

UBS raised its price target on Analog Devices (NASDAQ: ADI) to $81.00 (from $68.50) while maintaining a Neutral rating.

Analyst Stephen Chin commented, "ADI reported better than expected Jan-17 quarter results from new product ramps and supportive cyclical trends in the industrial and automotive end markets. We keep a Neutral rating as we believe the stock's 23x P/E multiple already prices in a strong recovery in its core businesses and is above analog peer group at 21x. ADI saw sales growth accelerate further with industrial up 15% yoy and auto up 10% on broadbased strength. Consumer was also better than seasonal and up 113% yoy given 30% content growth in the latest iPhone."

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