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UPDATE: Nomura Downgrades Linear Technology to Neutral on Valuation

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Solid Q3 Results From Analog Devices Paired With Positive Q4 Guidance
Analog Devices, Linear Combine To Form 'Powerhouse,' Says BMO

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
Jul 2016JP MorganMaintainsNeutral
Jul 2016Goldman SachsMaintainsNeutral
Jul 2016Pacific CrestUpgradesUnderperformSector Weight

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Posted-In: NomuraAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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