Zacks Investment Research downgraded shares of Linear Technology Corporation (LLTC) from OUTPERFORM to NEUTRAL on January 21, 2013, with a target price of $38.00.
Linear Technology is a leading OEM of analog and mixed signal semiconductors. December quarter results were in line with the Zacks Consensus, and guidance was encouraging. Linear's solid business model, excellent products, ability to generate strong operating cash flows and dividend yield are positives. However, while the steady growth and profitability of its core industrial, communications infrastructure and automotive businesses may be positive for the long term, the sluggishness in these markets continue to hurt its performance. The high debt burden should also be kept in mind when investing in these shares. We therefore have a Neutral rating on LLTC shares.
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