UPDATE: BMO Capital Markets Raises PT to $32 on Linear Technology, Maintains Perform

BMO Capital Markets reiterates its Perform rating on Linear Technology (NASDAQ: LLTC) and raises its price target to $32 from $30 as the company comes off of a bottom. BMO Capital Markets says, "Linear reported FY2Q12 revenues of $294 million, down 11% q-q, and EPS of $0.38, roughly in line with our expectations. For FY3Q the company guided revenues to increase 4% to 8% q-q to $306-$318 million, above our expectation for growth of 3%. ...If our CY4Q numbers hold for the rest of the analog names in our coverage, LTC is coming off a huge underperformance at the top line in CY2011, as well as on a three-year CAGR (2009-2011) basis."LLTC closed at $33.32 yesterday.