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Technology Stocks : Linear Technology Corporation
LLTC 65.000.0%Mar 20 4:00 PM EDT
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To: j.m. lillich who wrote ()12/2/1999 2:26:00 PM
From: Glen2  Read Replies (1) of 754
 
Bear Stearns semiconductor analyst Charles Boucher published a report on Linear Technology today. Key points include:

1. Recent channel checks and competitor Analog Devices bullish earnings report and outlook confirm our view that the analog component market continues to show very strong growth. We believe Linear Technology is benefiting from this trend, and we are raising our 12-month target price to $90 and upgrading our rating from Neutral to Attractive.

2. We believe Linear Technology is likely to report and upside surprise in its December quarter. Although we remain concerned about the possibility of an industry slowdown in the early part of 2000, we remain bullish on the chip group for 2000 overall. We believe Linear Technology will deliver strong earnings growth in 2000 and 2001, and will provide shareholders with above average returns from its current price level.

3. We derive our new 12-month target price by applying the company's current CY2000 P/E multiple of 43 to our new CY2001 EPS estimate of $2.08. We believe that EPS estimates could be revised further upward after the company reports its December quarter sometime in January.

4. Although the stock is not immune to a correction if industry growth slows in the first half of 2000 caused by excess inventory depletion, we believe the risk-reward profile for the stock based on 2001 earnings expectations is positive. If the stock were to correct substantially from its current level, we would likely upgrade our opinion further.
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