UPDATE: Stifel Initiates Coverage On Analog Devices On Multiple Positive Factors - Analog Devices (NASDAQ:ADI)

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In a report published Friday, Stifel analyst Tore Svanberg initiated coverage on

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Analog Devices

(NASDAQ: ADI) with a Buy rating and $66.00 price target.In the report, Stifel noted, “We are initiating coverage of Analog Devices, Inc. (ADI) with a Buy rating on the shares and a 12-month target price of $66, comprised of a base price of $60 that represents 17.9x GAAP excluding cash P/E and our DCF analysis that yielded a range of $54-$66, plus $6 for its Hittite Microwave (HITT) acquisition.”Analog Devices closed on Thursday at $53.75.