UPDATE: Deutsche Bank Raises Target on Analog Devices to $38

Deutsche Bank remains Hold-rated on Analog Devices (NYSE: ADI) but raises its price target $2 to $38 on improved order trends.

Deutsche Bank says, "ADI reported soft F1Q results and provided F2Q guidance that was weaker than expectations. The company is starting to witness improved order trends and while we agree that F1Q was likely the worst of this cycle, the following snapback is likely to be relatively muted for ADI and the majority of the analog group. Consequently, while we remain impressed with ADI's execution (esp on margins), we view its shares as being fairly valued."

ADI closed at $38.82 on Wednesday.