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UPDATE: Nomura Downgrades Linear Technology to Neutral on Valuation

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Nomura lowered its rating on Linear Technology (NASDAQ: LLTC) from Buy to Neutral and reduced its price target from $34 to $29.

Nomura commented, "Linear has been a good stock over the past six months, outperforming the SOX by 12 points based on its variable cost structure, high ROIC and 3% dividend yield. Despite weak December guidance (down 5-10% QoQ), a snapback in sales is not on the horizon owing to weaker end-demand as it will be limited by unchanged channel inventories exiting December. We believe the stock is expensive at 18x our revised CY13 estimate, vs a three-year average of 15x."

Linear Technology closed at $32.22 on Wednesday.

Latest Ratings for LLTC

DateFirmActionFromTo
Feb 2015UBSDowngradesNeutralSell
Jan 2015JP MorganMaintainsUnderweight
Jan 2015JefferiesMaintainsBuy

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Posted-In: NomuraAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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