On October 2, Analog Devices rose 3.08% in pre-market trading, trading at approximately $416.76 per share, with turnover of $2.163 million. The rally was driven by a confluence of strong quarterly results, a wave of investment bank target price upgrades, and signs of tightening supply conditions.

On the earnings front, Analog Devices posted record fiscal Q3 revenue of $4.022 billion, up 40% year-over-year, while non-GAAP EPS came in at $3.45, surging 68.3% and beating the consensus estimate of $3.33. The company guided fiscal Q4 revenue to $4.3 billion, significantly above the Street estimate of roughly $4.08 billion, with adjusted EPS guidance of $3.71 to $4.01 also well ahead of the $3.54 consensus.

Following the results, multiple banks raised their price targets: JPMorgan lifted its target to $500 from $450 while maintaining Overweight; Bernstein upgraded to Outperform with a $465 target; Baird raised to $675 from $450; Cantor Fitzgerald set a $550 target; Goldman Sachs moved to $480; and Seaport Research upgraded to Buy. Additionally, the company notified customers that rebounding demand has led to supply tightness, with lead times extending up to six months on select products, reinforcing expectations of a sustained upcycle driven by AI data center power management and industrial recovery.

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