Bernstein Upgrades ADI, Targets $465

1. 1Bernstein upgraded Analog Devices (ADI) from Market Perform to Outperform and raised its target price from $430 to $465.
2. 2Q3 revenue of $4.022B and EPS of $3.45 beat estimates, while Q4 guidance of $4.3B in revenue and $3.86 EPS came in above consensus.
3. 3Having stayed on the sidelines due to valuation concerns, Bernstein now sees an improved risk/reward and is positive on industrial recovery and data-center-driven growth.

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