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UPDATE: Nomura Downgrades Linear Technology to Neutral on Valuation

Related LLTC
Linear Technology Beats on Q4 Earnings on Increased Volumes
Wednesday Morning Earnings Reports

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.

Posted-In: NomuraAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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