On October 1, Analog Devices rose 3.05% overnight, trading at $407.49/share, with turnover of $1.121 million. The rally was driven by a wave of investment bank upgrades following the company's record-setting fiscal third-quarter results.

Analog Devices reported Q3 revenue of $4.022 billion, up 40% year-over-year, with adjusted EPS of $3.45, surging 68.3% and beating consensus by $0.11. The company also issued Q4 revenue guidance of $4.3 billion, well above the Street's $4.08 billion estimate, with adjusted EPS expected at $3.86 versus the $3.55 consensus. During the quarter, $1.7 billion was returned to shareholders via dividends and buybacks. Growth was attributed to robust data center and industrial demand, signaling that compute infrastructure expansion continues to benefit power, optical, and test equipment suppliers.

Following the results, multiple banks acted: Bernstein upgraded the stock to Outperform with a $465 target; JPMorgan maintained Overweight and lifted its target from $450 to $500; Cantor Fitzgerald set a $550 high-end target; and Seaport Research upgraded to Buy.

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