As previously reported, Bernstein analyst Stacy Rasgon upgraded Analog Devices to Outperform from Market Perform saying that while the shares have underperformed the sector over the last 12 months, the valuation gap should persist as the company's fundamentals appear better than many higher-valued peers. The analyst believes Analog Devices possesses a "strong" long-term content increase story in industrial and comm, easier near-term auto comps versus competitors, improving mix, deleveraging that should act as an additional value driver, and the potential to possibly pull in some of the future forthcoming cost synergies from fab closures early. He also raised his price target on the shares to $105 from $90.