On October 2, Analog Devices rose 3.09% in regular trading, trading at $420.0/share, with turnover of $50.36 million. The rally was driven by a wave of investment bank target price upgrades and growing supply constraints that reinforced bullish sentiment.

On the earnings front, Analog Devices reported record third fiscal quarter revenue of $4.022 billion, up 40% year-over-year, with non-GAAP earnings per share of $3.45, a 68.3% increase. The company guided fourth fiscal quarter revenue to $4.3 billion, well above the Street consensus of approximately $4.1 billion, pointing to continued momentum from data center and industrial demand.

Multiple investment banks responded with upgraded outlooks: Bernstein raised its rating to Outperform with a $465 target; JPMorgan maintained Overweight and lifted its target from $450 to $500; Cantor Fitzgerald set a $550 high-end target; and Seaport Research upgraded to Buy. Separately, the company recently notified customers that rebounding demand has led to tightening supply, with lead times on certain products extending up to six months, further reinforcing expectations that the upcycle has room to run.

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