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Analog Devices (ADI) Stock Spikes on Potential Maxim Merger

NEW YORK (TheStreet) -- Shares of Analog Devices (ADI - Get Report) were gaining 7.9% to $60.48 on Wednesday following a report that the signal processing technology maker is in talks to merge with competitor Maxim Integrated Products (MXIM).

Analog Devices approached Maxim about the potential merger as the latter company was working with a bank on a strategic review, according to Bloomberg. The merger talks between the two companies are reportedly ongoing and may not result in a deal.

A merger between the two analog chip makers would help them reach a higher scale as the industry moves towards consolidation.

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Earlier Wednesday, analyst firm BMO Capital Markets upgraded Analog Devices to "outperform" from "market perform," raising its price target for the company to $66 from $63.

About 10.4 million shares of Analog Devices were traded by 3:53 p.m. Wednesday, above the company's average trading volume of about 3 million shares a day.

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