Jefferies Initiates Coverage On Linear Technology With Hold Rating

According to Jefferies, Linear Technology LLTC coverage is initiated with a Hold rating. Jefferies said that it is initiating research coverage of Linear Technology (LLTC) with a HOLD Rating and a $34 Price Target. “LLTC has recently traded at NTM P/Es in the range of 11x to 28x, and is currently trading at a P/E of ~13x, below 5-year average of 19x. $34 PT assumes a P/E of 15x applied to our CY2012 EPS estimate of $2.27.” Linear Technology closed yesterday at $30.07.