Stifel Nicolaus increases its price target from $38 to $40 on Buy-rated Linear Technologies LLTC as the positive trend in bookings affirms inflection point.
Stifel Nicolaus comments, "Linear's growth resumption in the March quarter and bookings
trend and revenue outlook for the June quarter confirm that the company has reached the inflection point. Going forward, we believe the environment is working in Linear's favor. In this non-consumer driven recovery, industrial is in the midst of an innovation cycle—with consumer exposure in the single-digit, Linear has outpaced its peers with a 3-year CAGR (2009-2012E) of 14.3%. Automotive is in a secular growth cycle with increasing dollar content. Communications infrastructure is in need of capacity upgrade—which is a matter not of if but of when."
LLTC closed at $33.05 on Wednesday.
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Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsInformation TechnologySemiconductorsStifel Nicolaus
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