Analog Devices Stock: Is Wall Street Bullish or Bearish?

Wilmington, Massachusetts-based Analog Devices, Inc. (ADI) designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products. Valued at $187.7 billion by market cap, the company's products are used in communications, computer, industrial, instrumentation, military, aerospace, automotive, and high-performance consumer electronics applications.

Shares of this global semiconductor leader have notably outperformed the broader market over the past year. ADI has gained 72% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 19.9%. In 2026, ADI’s stock rose 42.1%, surpassing the SPX’s 12.9% rise on a YTD basis. 

Narrowing the focus, ADI’s underperformance is apparent compared to the State Street SPDR S&P Semiconductor ETF (XSD). The exchange-traded fund has gained about 96.9% over the past year. Moreover, the ETF’s 64.8% gains on a YTD basis outshine the stock’s returns over the same time frame.

ADI delivered strong Q2 performance with revenue and earnings beating expectations, driven by demand across industrial automation, AI data center power/optical products, and automotive wins in BMS and GMSL. Under CEO Vincent Roche, strategic supply chain investments and a flexible hybrid manufacturing model enabled ADI to capture market surges while advancing toward a long-term $20 billion revenue target. Furthermore, the pending acquisition of Empower Semiconductor strengthens its high-growth AI power management capabilities, positioning the company for sustained momentum in AI, electrification, and industrial recovery despite broader macro headwinds.

For the current fiscal year, ending in October, analysts expect ADI’s EPS to grow 59.4% to $12.42 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.

Among the 31 analysts covering ADI stock, the consensus is a “Strong Buy.” That’s based on 23 “Strong Buy” ratings, four “Moderate Buys,” and four “Holds.”

The configuration has been relatively stable over the past three months. 

On Aug. 9, Oppenheimer Holdings Inc. (OPY) analyst Rick Schafer reiterated a “Buy” rating on ADI and set a price target of $450, implying a potential upside of 16.8% from current levels.

The mean price target of $452.96 represents a 17.6% premium to ADI’s current price levels. The Street-high price target of $550 suggests a notable upside potential of 42.7%.