UPDATE: FBR Reiterates Underperform Rating, Lowers PT on Linear Technology

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In a report published Monday, FBR & Co. reiterated its Underperform rating on Linear Technology Corporation
LLTC
, but lowered its price target from $31.00 to $28.50. FBR noted, “While Linear Technology is a fantastic and well-run chip firm with industry-high gross and operating margins, we believe that few operational improvement opportunities remain (a testament to management's execution), that margins cannot move much higher, and that the firm walks away from too much business (Apple, among others) in order to keep its margin structure intact. Further, we have heard of some macro-driven deterioration in industrial and defense shipments of late.” Linear Technology Corporation closed on Friday at $30.10.
Posted In: Analyst ColorPrice TargetReiterationAnalyst RatingsFBR & Co.Information TechnologySemiconductors
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