UPDATE: Stifel Nicolaus Initiates M/A-COM Technology Solutions with Buy, $26 PT

Stifel Nicolaus initiates its coverage on M/A-COM Technology Solutions MTSI with a Buy rating and a price target of $26, reflecting shirt from captive to merchant in specialized Radio Frequency, which should expand share growth. Stifel Nicolaus comments, "We believe M/A-COM's diverse end markets and differentiated technology portfolio and deep customer base provides a competitive advantage. As one of a select few companies that successfully compete in the very high performance segment of wireless and wireline markets utilizing a multi-channel sales approach, where a majority of its customer base has been with the company for more than 20 years, we believe it would be difficult for competitors to replicate this model and for customers to switch to a new partner." MTSI closed at $19.83 on Monday.