UPDATE: Citigroup Downgrades Linear Technology to Sell on Valuation
Citigroup reduced its rating on Linear Technology (NASDAQ: LLTC) from Neutral to Sell and maintained its $32 price target.
Citigroup commented, "[F]actors supporting our Sell thesis – 1) ISIL has chronically under-grown the analog market due to lack of smartphone/consumer exposure; 2) global deleveraging will likely limit ISM rebounds to 52-53, capping revenue upside for LLTC; and 3) longer-term margin pressures will potentially emerge because of increasingly sophisticated power management competitors."
Linear Technology closed at $34.46 on Wednesday.
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