UPDATE: Citigroup Downgrades Linear Technology to Sell on Valuation

Citigroup reduced its rating on Linear Technology 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.