UPDATE: Piper Jaffray Lowers PT on Linear Technology Group to $35

Piper Jaffray is out with its report today on Linear Technology

, lowering its PT from $39 to $35. In its report, Piper Jaffray writes, "Maintain Overweight rating. Our price target goes to $35 based on 17x FY13 estimate of $2.06 (previously 16x CY12). We raise our multiple from 16x to 17x as we believe LLTC's earnings are at a cyclical low and semis tend to trade on higher multiples on trough earnings." Shares of LLTC closed Tuesday at $31.00, up 2.11% from Monday's close.