As previously reported, Needham analyst N. Quinn Bolton upgraded Analog Devices to Buy from Hold with a $400 price target. The firm cites the company's "strong" Q1 results and guidance that was "meaningfully above" expectations, adding that as operating results continue to improve, it can "no longer justify" remaining on the sidelines. Needham sees more factors that should drive continued upside to earnings estimates, the analyst tells investors in a research note.
