Piper Jaffray's Linear Technology Reports Solid Quarter; Increases PT

According to a research report published by Piper Jaffray, Linear Technology Corp. LLTC experienced a fantastic quarter and therefore is increasing its price target from $35.00 to $36.00. Piper Jaffray explained in the report, “LLTC came in at the middle of the revenue guidance but beat consensus by $0.02 on better gross margin and opex control. The company guided FQ3 (Mar) revenue up 4%-8%. We estimate that the Dust Networks acquisition will add 1% to growth in the March quarter, but organic growth of 3% to 7% was better than Street was expecting. We raise our estimates going forward and increase our price target to $36.” Piper Jaffray maintains its Overweight rating on Linear Technology Corp., which closed yesterday at $29.87.