Evercore ISI upgraded Analog Devices (ADI) to Buy and maintained its $66 price target. The firm's analyst said Analog's Apple (AAPL) exposure is more solid than most investors believe and expects an eventual recovery in communication infrastructure that should drive upside to $3.75-$4 in free cash flow in CY16.

BofA raised the firm's price target on Texas Instruments (TXN) to $190 from $175 and keeps a Neutral rating on the shares. TI's small Q1 beat and inline but sequentially rising Q2 sales guidance, "while modest, potentially marks a recovery inflection in industrial chip demand," with positive read-across for U.S. peers such as Analog Devices (ADI), Microchip (MCHP), NXP Semiconductors (NXPI) and On Semiconductor (ON), the analyst tells investors. However, despite an expected recovery, TI's sustained high capex intensity could keep reported calendar year 2024-26 pro-forma EPS below $6 per share, the analyst added.