Jefferies Upgrades Linear Technology (LLTC) to Buy, $44 PT

Jefferies upgraded Linear Technology (NASDAQ: LLTC) from Hold to Buy with a price target of $44.00 (from $38.00).

Analyst Mark Lipacis states, "We believe that semis have entered the late innings of the cycle, and move to a Buy rating on LLTC. While we maintain our EPS estimates, we increase our P/E target based on the company's high gross margins and high dividend payout (55-60%). We also expect higher growth from the company's higher margin automotive and industrial businesses, and view our estimates as being conservative."

For an analyst ratings summary and ratings history on Linear Technology click here. For more ratings news on Linear Technology click here.

Shares of Linear Technology closed at $38.11 yesterday.

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