Analog Devices reports Q3 beat, lifts Q4 outlook

Analog Devices Inc. (NASDAQ: ADI ) on Wednesday reported upbeat third-quarter results and issued strong fourth-quarter guidance.

Analog Devices reported adjusted earnings of $3.45 per share, beating the analyst estimate of $3.33.

Revenue rose 40% year over year to $4.02 billion, beating the $3.92 billion consensus estimate.

Analog Devices forecast fourth-quarter adjusted earnings of $3.71 to $4.01 per share, beating the analyst consensus estimate of $3.54 at the midpoint.

The company projected revenue of $4.20 billion to $4.40 billion, beating the $4.07 billion consensus estimate at the midpoint. “ADI delivered a strong third quarter, exceeding the midpoint of our revenue, margin, and earnings outlook as we capitalized on broad-based demand,” said Vincent Roche, CEO and Chair. “We continue to extend our leadership through a powerful combination of innovation, deep customer collaboration, and manufacturing agility.

Our investments in these foundational areas, combined with the trust we have built over decades, provide a unique advantage to create, deliver, and capture value in the AI era — for customers and investors alike.” Analog Devices shares gained 1.1% to trade at $377.17 on Thursday.

These analysts made changes to their price targets on Analog Devices following earnings announcement.

Needham analyst N.

Quinn Bolton maintained the stock with a Buy and raised the price target from $440 to $450.

Wells Fargo analyst Joe Quatrochi maintained the stock with an Overweight rating 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.

Considering buying ADI stock? Here’s what analysts think: Photo via Shutterstock