UPDATE: J.P. Morgan Lowers PT on Linear Technology to $31.50

J.P. Morgan is out with its report today on Linear Technology LLTC, lowering its PT from $34.50 to $31.50. In a note to clients, J.P. Morgan writes, "LLTC is trading at 13.3X our new C12 EPS estimate, only slightly below the S&P multiple of 14.0X. We are reiterating our Neutral rating as the stock appears fairly valued. We are lowering our December 2011 price target from $34.50 to $31.50, or roughly 14.0X our C12 EPS estimate." At the time of posting, shares of LLTC were trading pre-market at $30.04, down 0.20% from Wednesday's close.