UPDATE: Jefferies Initiates Maxim Integrated Products at Hold

Jefferies is out with its report today on Maxim Integrates Products MXIM, initiating MXIM at Hold. In a note to clients, Jefferies writes, "We initiate research coverage of Maxim Integrated Products with a Hold Rating and a $26 Price Target. We think that MXIM's streamlined development platform gives it a competitive edge, and like its exposure in comm infrastructure (20%) and handsets (25%). We think there is some risk for an inventory correction in its high margin industrial (30% of revs), and computing (17%), which leads us to forecast EPS that is 10% below consensus." Shares of MXIM closed Monday at $23.01, down 2.09% from Friday's close.