Analog Devices

ADI · NASDAQ

$397.05+$2.70 (+0.68%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $394.35

ADI analyst rating

BuyConsensus of 28 analysts over the last 12 months. 93% rate it a buy.

Strong buy0
Buy26
Hold2
Underperform0
Sell0

12-month price target · 33 analysts

Average $477.66 (+20.3% upside)

Low: $318.15
Now: $397.05
High: $708.75

Upgrades and downgrades

The latest rating actions, newest first

ADI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
TD Cowen	Oct 19, 2026	Maintains	Buy	$460.00 → $475.00	39%
TD Cowen	Sep 8, 2026	Maintains	Buy	$460.00	39%
Baird	Aug 24, 2026	Maintains	Outperform	$450.00 → $675.00	60%
BMO Capital	Aug 21, 2026	Initiates	Outperform	$430.00	71%
JP Morgan	Aug 20, 2026	Maintains	Overweight	$450.00 → $500.00	67%
Morgan Stanley	Aug 20, 2026	Maintains	Overweight	$428.00 → $458.00	56%
Bernstein	Aug 20, 2026	Upgrade	Market Perform → Outperform	$430.00 → $465.00	65%
Wells Fargo	Aug 20, 2026	Maintains	Overweight	$515.00 → $500.00	54%
TD Cowen	Aug 20, 2026	Maintains	Buy	$460.00	39%
Seaport Global	Aug 20, 2026	Upgrade	Neutral → Buy	$425.00	48%

The case for and against

Updated Oct 14, 2026

Bull case

Analog Devices is well positioned because its broad analog and power portfolio is capturing accelerating AI infrastructure demand across datacenter power, optical control, and energy systems, with management citing a $1.0 billion to $1.5 billion per GW SAM and AI datacenter revenue now above a $3 billion run rate. The company’s recent Empower acquisition strengthens its 2nd-stage power delivery roadmap and IVR capability, while the shift toward 800V architectures, OCS, and 1.6T optics should expand content per rack as deployments begin in 2027 and ramp more meaningfully in 2028. Its investment case is further reinforced by more than half of sales tied to industrial and automotive markets, best-in-class margins, a fab-lite model, and strong free cash flow supporting dividend growth and share repurchases even as inventories remain lean and lead times lengthen.

Bear case

Analog Devices is vulnerable to the semiconductor industry’s cyclical nature, which closely tracks global GDP and can quickly pressure demand, especially if consumer and IT spending slow or an inventory correction worsens. Its exposure to consumer and portable devices, along with severe pricing pressure in consumer-focused segments and rising analog capacity in China, could weigh on revenue growth and margins, while ongoing geopolitical uncertainty and trade restrictions add further risk to sales into the PRC and competitive positioning. Higher capital expenditures for new fabs, inflation-driven increases in capital costs, and any yield issues or construction delays could also compress profitability and free cash flow, limiting shareholder returns.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.