The document provides an analysis of Analog Devices, Inc. (ADI) conducted by Penn State Investment Association. It summarizes ADI's business operations, financial performance, growth opportunities in key markets like industrial and healthcare, and risks. It also benchmarks ADI against competitors and provides projections. The top three reasons recommended to "bench" or not invest in ADI currently are not stated.

1. Penn State Investment AssociationInformation Technology SectorAnalog Devices, Inc.(ADI) NYSEJoe Eirkson, Katie Lally, Matt LochanskyThe Nittany Lion Fund, LLC.

2. Team Recommendation: BenchTop Three Reasons to Bench:

3. Company DescriptionAnalog Devices, Inc. is a world leader in the design, manufacture and marketing of high-performance analog, mixed-signal and digital signal processing integrated circuits (ICs) used in virtually all types of electronic equipment

4. New organizational structure in 2009 introduced two focus groups:

5. Core Products and Technologies (CPT): product focused

6. Strategic Market Segments (SMS): end market focused

7. Operates in 18 countries60,000 customers

8. Headquartered in Norwood, Massachusetts

9. Employs approximately 8,300 people

10. Operational business segments include: Industrial, Communication, Consumer, Automotive and ComputerCEO Jerald Fishman3

11. Revenue Breakdown

12. Industrial Segment GrowthIndustrial and InstrumentationHealthcareExpected 8-12% growth over 5 years

13. Shift in motor control technology increased demand for signal processing

14. Demand driven by customers’ needs for increased:

15. Energy efficiency

16. Industrial automation

17. Advanced instrumentation

18. Significant growth opportunities in Asian markets—particularly China

19. Expected 10-14% growth over 5 years

20. Increased demand for imaging and patient monitoring