UPDATE: ISI Group Upgrades Analog Devices to Strong Buy, Raises PT on Greater Conviction

In a report published Monday, ISI Group upgraded its rating on Analog Devices (NASDAQ: ADI) from Buy to Strong Buy, and raised its price target from $50.00 to $52.00.ISI Group noted, “We are again raising ratings, price targets, and estimates for names within our coverage group with high exposure to the industrial vertical. In summary, our view is that recent data is increasingly supportive of the view that conditions for a strong semiconductor cycle are improving ahead of expectations generally, but even more so for our preferred niche, the industrial market. Thus, while there is some investor concern and skepticism around the durability of the recent rally in the stocks, especially in light of the seemingly full valuations being accorded to the names, we think the preconditions for a meaningful rise in estimates that is needed to drive the second leg of the rally,are increasingly in place.”Analog Devices closed on Friday at $45.23.