UPDATE: Jefferies Raises PT on Linear Technology to $36, Maintains Hold

Jefferies reiterates its Hold rating on Linear Technology LLTC and raises its price target to $36 from $34 as the company beats revenue expectations. Jefferies says, "LLTC exceeded Street expectations in revenues by $1m. More importantly, LLTC guided MarQ revs to increase by 6% QoQ at the mid-pt, (330bps above consensus) and commented on improving booking trends in January. This is the first positive revision for a larger cap semiconductor stock in a while, and we view it as consistent with our view that semis should benefit from a restock in 1H12." LLTC closed at $33.32 per share on Wednesday.
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