Analog Devices, Inc. (NASDAQ: ADI) heads into the first trading day of December sitting near record highs after a big post‑earnings rally, aggressive capital returns to shareholders, and a wave of upbeat analyst reports between November 28 and 30, 2025. Over the five trading days ending November 28, ADI was the single best‑performing stock in the S&P 500, gaining just over 15%, putting Monday’s pre‑market session under the spotlight as investors decide whether the momentum can continue. [1]
Note: All prices and performance figures are as of the close on Friday, November 28, 2025. There is no live pre‑market quote yet for December 1 at the time of writing.
ADI Stock Ends November With a Surge
Analog Devices stock closed Friday, November 28, at $265.34, up 2.88% on the day, after trading between $258.04 and $265.75 with volume of about 2.59 million shares. [2]
That move capped a powerful run that saw ADI deliver roughly 15.1% total return between November 25 and 30, the best five‑day performance among all S&P 500 constituents. [3]
Several outlets highlighted how Analog Devices outpaced both the broader market and its semiconductor peers on Black Friday:
- MarketWatch reported that ADI outperformed competitors on a strong session for stocks on November 28. [4]
- Sector roundups from MarketWatch and others noted ADI’s 2.88% gain alongside smaller moves from names like KLA, Microchip Technology, AMD, and Applied Materials. [5]
- Smartkarma called out the same closing price of $265.34, emphasizing the +2.88% daily jump and a year‑to‑date gain of around 21%. [6]
Investor’s Business Daily added a technical angle: its latest piece shows Analog Devices’ Relative Strength (RS) Rating rising from 67 to 72, placing the stock in a confirmed buy zone after a breakout above a flat‑base entry at $258.13, though still shy of the “80+” level that typically marks the strongest leaders. [7]
Earlier in the week, IBD also noted that ADI’s SmartSelect Composite Rating has climbed to 96, meaning it now outperforms roughly 96% of all stocks on a blend of fundamental and technical criteria. [8]
Earnings Beat and Guidance Still Driving the Story
Although the earnings release landed on November 25, the late‑November price action and the newsflow from November 28–30 all point back to one catalyst: a clean beat on fiscal Q4 2025 and upbeat guidance for fiscal Q1 2026.
According to the company’s own release and follow‑up coverage from Reuters, Barron’s, Zacks and Nasdaq: [9]
- Q4 revenue came in around $3.08 billion, ahead of roughly $3.0–3.02 billion in Wall Street expectations and up about 26% year‑on‑year.
- Adjusted EPS was $2.26, beating consensus estimates around $2.22–2.23, and well above the prior‑year level of $1.67 per share.
- The industrial segment, nearly half of total sales, grew roughly 34% to about $1.43 billion, helped by demand in automation, defense, healthcare and energy infrastructure.
- Communications revenue also exceeded forecasts, with Reuters citing approximately $390 million in that segment. [10]
Management also issued guidance above expectations for the first quarter of fiscal 2026, forecasting: [11]
- Q1 revenue of about $3.1 billion ± $100 million, versus analyst estimates near $2.97 billion.
- Adjusted EPS around $2.29 ± $0.10, again ahead of consensus.
Multiple recaps emphasized that Analog Devices not only beat on the headline numbers but also made good on its promise to return cash to shareholders, with Simply Wall St noting that the company handed back roughly 96% of free cash flow via dividends and aggressive share repurchases in fiscal 2025. [12]
This capital‑return stance is reinforced by MarketBeat’s coverage of the board’s decision to declare a $0.99 quarterly dividend, implying a yield around 1.5%, with an ex‑dividend date in early December (December 8, 2025). [13]
What the Latest Articles (Nov 28–30) Are Saying About ADI
Between November 28 and 30, a series of fresh features, previews and opinion pieces dug into what Analog Devices’ rally means heading into December:
- Long‑term performance & compounding:
Zacks took a retrospective view in an article dated November 28, showing how a hypothetical $1,000 invested in Analog Devices ten years ago would have grown substantially, using that history to underscore the stock’s track record of compounding for long‑term holders. [14] - Momentum and shareholder payouts:
Simply Wall St on November 29 framed ADI’s roughly 14% post‑earnings surge as a function of both the earnings beat and what it called “major shareholder payouts,” highlighting that nearly all free cash flow is being returned via buybacks and dividends. It also modeled a fair value of about $280.31 per share, implying around 6% upside from recent levels, and projected revenue of roughly $14.3 billion and earnings of $4.9 billion by 2028, assuming low‑double‑digit annual growth. [15] - Is the stock now too expensive?
A separate analysis running on Yahoo Finance / partner platforms asked, “Is Analog Devices Still a Smart Pick After New Product Launches and a 25% Rally in 2025?” and concluded that, under its discounted cash‑flow assumptions, ADI might be overvalued by more than 60% versus its modeled intrinsic value. [16] - Near‑record highs and November 30 wrap‑ups:
A November 30 article on ts2.tech described ADI as sitting “near record highs” and summarized the bull case as: a clear Q4 beat with double‑digit full‑year growth, an extremely shareholder‑friendly capital‑return policy, broadly bullish analyst coverage “clustered” in the high‑$270s to mid‑$280s for 12‑month targets, heavy institutional ownership, and improved technical ratings after a breakout above prior consolidation. TS2 Tech
Together, these pieces paint a nuanced late‑November picture: fundamentals and sentiment are strong, but valuation is becoming a more active debate as the stock pushes into new high ground.
Analyst Ratings and Price Targets Going Into December
Fresh data and rundowns published over November 28–30 show that Wall Street remains broadly constructive on Analog Devices, even after the rally:
- Consensus rating:
MarketBeat reports that 33 analysts covering ADI currently assign an overall rating of “Moderate Buy”, with 9 Holds, 22 Buys and 2 Strong Buys. [17]
Zacks similarly notes an Average Brokerage Recommendation (ABR) of 1.70 on a 1–5 scale (Strong Buy to Strong Sell), putting ADI between Buy and Strong Buy. [18] - Target price ranges:
- StockAnalysis.com finds that 19 analysts have an average 12‑month price target of about $277, implying roughly 4–5% upside from Friday’s close, with individual targets ranging from $240 to $320. [19]
- Zacks’ price‑target page lists the same broad range of $240 at the low end and $320 at the high end, underscoring the disagreement about upside after the recent run. [20]
- A Nasdaq article summarizing MarketBeat data pegs another average target near $274, with a low around $156.55 and a high around $325.50, suggesting a mid‑single‑digit percentage upside from levels earlier in the week. [21]
- Recent target changes (late November):
- Benchmark reaffirmed its Buy rating following the Q4 release and maintained or lifted its target to about $285, according to coverage on Insider Monkey and Nasdaq. [22]
- Wells Fargo kept an “Equal‑Weight” stance but raised its target from $250 to $265 on November 26, bringing it in line with where the stock is now trading. [23]
- Evercore ISI trimmed its target slightly to $282, signaling that some firms see less headroom after the rally, even as others are moving targets higher. [24]
- TipRanks summarized the late‑November pattern as a “slew of price target increases” following the results, capturing the overall positive shift in sentiment. [25]
Zacks also keeps Analog Devices at a Rank #2 (Buy), indicating the firm expects above‑average returns from the stock in the near term relative to its coverage universe. [26]
Technical and Momentum Views: Strong, But Not Unquestioned
Technical‑oriented coverage between November 28 and 30 tends to agree on one thing: Analog Devices has broken out and is now a clear momentum name.
- Investor’s Business Daily emphasizes that ADI remains within its proper buy zone after moving above the $258.13 flat‑base buy point, with the allowed range extending up to about 5% above that level—roughly where the stock is trading now. [27]
- Another IBD data story places ADI among an “elite list” of stocks carrying a Composite Rating of 95+, supported by strong EPS growth and moderate institutional accumulation. [28]
- A Statmuse screen flagged Analog Devices as the top five‑day gainer in the S&P 500 from November 25 to 30, reinforcing the perception that it has become one of the market’s short‑term leaders. [29]
On the other hand, some comparative work urges caution on extrapolating the recent surge indefinitely. A recent AMD‑versus‑ADI trend analysis, updated through November 30, notes that while ADI has performed well, its price change from mid‑September to the end of November—about 8.2%—was coupled with a slightly negative trend slope, a reminder that the stock has not been straight‑up all year and may still be sensitive to broader chip‑sector swings. [30]
Institutional Positioning: New Buyers and Some Profit‑Taking
Several 13F‑related headlines from November 30 show active institutional repositioning in Analog Devices heading into year‑end:
- Giverny Capital Inc. disclosed that it boosted its ADI stake by about 2.8% in the second quarter, to more than 176,000 shares, making Analog Devices roughly 1.4% of its overall portfolio. [31]
- The New York State Common Retirement Fund reported trimming its ADI position, in a filing covered by MarketBeat on November 30. [32]
- Advisors Asset Management Inc. also reported selling some ADI shares, according to a separate MarketBeat alert the same day. [33]
Taken together, these filings suggest a healthy two‑way institutional market: some long‑term investors are adding on strength, while others are locking in gains after a strong run since late October and especially post‑earnings.
How Analysts Frame the Longer‑Term Story
Beyond the immediate Q4 and Q1 numbers, a number of analyses published in the days leading up to the weekend frame ADI’s story over a multi‑year horizon:
- AI and infrastructure angle: A Seeking Alpha article characterizes Analog Devices as an “AI infrastructure enabler”, arguing that its analog and mixed‑signal chips are integral to data‑center, industrial and communications build‑outs that underpin AI workloads. The piece points to robust Q3/Q4 2025 growth and a diversified end‑market mix as supports for the long‑term thesis. [34]
- Super‑cycle commentary: A Nasdaq commentary described the stock’s move as part of a broader “super‑cycle” in ADI shares, noting that the breakout above roughly $250 could, in a bullish scenario, lead to a $40–$60 advance if the rally continues. [35]
Even so, valuations are now front and center. Between the DCF‑based argument that ADI may be significantly overvalued, and alternative models pointing to only mid‑single‑digit upside from current prices, late‑November research is increasingly split on how much future growth is already reflected in the share price. [36]
Key Things to Watch Before ADI Opens on December 1, 2025
With the market set to reopen on Monday, here are the main themes likely to shape trading in Analog Devices stock before and just after the opening bell:
- Follow‑through after a top‑of‑index run
- After being the best five‑day performer in the S&P 500, ADI could see either momentum buying or profit‑taking as traders reassess risk into December. [37]
- Fresh analyst moves
- Investors will be watching for any additional target changes or rating revisions following the late‑week flurry from Benchmark, Wells Fargo, Evercore and others. A new upgrade or downgrade could quickly sway sentiment early in the session. [38]
- Dividends and buyback optics
- With a $0.99 quarterly dividend and heavy buyback activity now front‑of‑mind, yield‑oriented and total‑return investors may focus on whether management signals any changes to capital‑return plans, especially with the ex‑dividend date approaching. [39]
- Chip‑sector and macro backdrop
- ADI’s rally has unfolded alongside a broader improvement in semiconductor and large‑cap tech sentiment. Moves in peers like AMD, Texas Instruments and the SOX index, as well as macro data and bond yields, could significantly influence how ADI trades at the open. [40]
- Valuation debate
- With price targets and fair‑value estimates clustering only modestly above the current price—and one prominent model arguing that the stock is materially overvalued—how investors weigh momentum versus valuation may be the main determinant of whether ADI extends its gains or pauses to consolidate. [41]
Bottom Line
Heading into the December 1, 2025 open, Analog Devices stock is in an enviable yet delicate position:
- It has just delivered a strong earnings beat,
- Offered above‑consensus guidance,
- Returned the vast majority of free cash flow to shareholders,
- Attracted broadly bullish analyst coverage and fresh institutional interest, and
- Emerged as one of the market’s short‑term leaders in both performance and technical ratings. [42]
At the same time, valuation is no longer an afterthought, and some models now argue that ADI’s fundamentals are increasingly “priced in.”
For traders and investors watching Analog Devices before Monday’s opening bell, the key question isn’t whether the company is executing—recent results strongly suggest that it is—but how much of that execution is already reflected in a stock that has just sprinted to new highs.
This article is for informational and news‑reporting purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any security. Always do your own research or consult a licensed financial professional before making investment decisions.
References
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