Loop Capital analyst Cody Acree lowered his price target on Analog Devices to $102 to reflect the broader industry multiple contraction, modelling an 18-times forward earnings multiple and a FY20 EPS of $5.54. The analyst also keeps his Buy rating after the company's Q4 earnings beat, saying the quarter was "not as bad as feared", adding that investors' positive reaction to the print "may signal an increased interest to move money back into semiconductors". Acree still maintains a somewhat cautious view based on Analog Devices' "commentary regarding tariff-related inflationary pressure, particularly in the industrial and automotive markets, which have been among the largest drivers of growth for the chip industry over the past few years."

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