Jefferies Maintains Hold Rating and $34 PT on Linear Technology

A report from Jefferies reiterates its Hold rating and $34 price target on Linear Technology LLTC. The report states, “LLTC reported slightly below consensus SepQ ($2m in revs and $0.01 in EPS ), and guided DecQ to decline by 11% QoQ at the mid-pt,(12% below consensus) due to customer year-end shutdowns. The company highlighted Automobile end market as the one bright spot the SepQ (growing 23% QoQ). We believe investor concerns on supply chain and end market related issues are getting baked in." LLTC closed yesterday at $30.23.