ANALOG DEVICES STOCKS RISE ON RATING UPGRADES
Analog Devices stock is currently trading at 106.75-higher by 6.02% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 2.31%. The stock has continued gaining after the opening bell.
Investment bank Goldman Sachs double upgraded Analog Devices stock. The bank upgraded the stock’s rating to buy from sell. Goldman Sachs also raised its 12-month price target to $114 from $101 per share which represents a 13% upside.
The bank upgraded stocks of Analog Devices as it believes analog units are tracking below trend which indicates that the end of the cyclical correction may be approaching, barring a prolonged economic recession. Analog Devices topped market expectations for second-quarter earnings and revenue in the last month.
On the technical front, the RSI is currently at 57.01% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 106.65 TAKE PROFIT AT 107.05 STOP LOSS AT 106.45