ADI: Lean And Mean. Initiating With A Neutral

Analog Devices Inc.

captures almost 68% of revenues from industrial and communications markets which have been less prone to consumer slowdown. Sterne Agee initiates a Neutral Rating. In a report Stern Agee writes, "We believe combined with strength in key industrial automation and communication markets, along with exposure to leading consumer players such as Apple

, ADI should continue to provide upside.We are initiating with a Neutral near-term, as most of the semiconductor stocks have had a good rebound from late August given improving sentiment that C4Q may not as bad as anticipated and the stocks are now trading back at their 2009 highs."