Jefferies Initiates Coverage On Analog Devices With Hold Rating

According to Jefferies, Analog Devices ADI coverage is initiated with a Hold rating. Jefferies said that it is initiating coverage of Analog Devices (ADI) with a Hold rating and $41 price target. “ADI has recently traded at NTM P/Es in the range of 11x to 45x, and is currently trading at a P/E of ~12.4x, below 5-yr average of 19.3x. Our $41 PT assumes a P/E of 14.6x applied to our CY12 EPS estimate of $2.81.” Analog Devices closed yesterday at $35.77.