Analog Devices Q3 Results Beat Expectations, Multiple Analysts Adjust Price Targets

Analog Devices Inc. reported better-than-expected third-quarter results on Wednesday and issued strong fourth-quarter guidance.

Analog Devices reported adjusted earnings per share of $3.45, beating analyst expectations of $3.33. Revenue grew 40% year-over-year to $4.02 billion, surpassing the consensus estimate of $3.92 billion.

Analog Devices forecasts fourth-quarter adjusted earnings per share of $3.71 to $4.01, with the midpoint exceeding the analyst consensus of $3.54. The company expects revenue of $4.20 billion to $4.40 billion, with the midpoint above the consensus estimate of $4.07 billion.

"ADI delivered strong third-quarter results, exceeding the midpoint of our revenue, gross margin, and earnings outlook as we captured broad-based demand," said Chief Executive Officer and Chairman Vincent Roche. "We continue to expand our leadership through a powerful combination of innovation, deep customer collaboration, and manufacturing agility. Our investments in these foundational areas, coupled with the trust we have built over decades, provide us with a unique advantage to create, deliver, and capture value for our customers and shareholders in the age of AI."

Analog Devices shares rose 1.1% on Thursday, trading at $377.17.

The following analysts adjusted their price targets on Analog Devices following the earnings release.

Needham analyst N. Quinn Bolton maintained a Buy rating on the stock and raised the price target from $440 to $450.

Wells Fargo analyst Joe Quatrochi maintained an Overweight rating on the stock and lowered the price target from $515 to $500.

Bernstein analyst Stacy Rasgon upgraded the stock from Market Perform to Outperform and raised the price target from $430 to $465.

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