Monday, March 31, 2008 12:57:03 PM
Linear Technology Rises As Analyst Upgrades on Weak Dollar and Strong Market Growth
NEW YORK (AP) -- Chip maker Linear Technology Corp. rose Friday after Goldman Sachs analyst Craig Hettenbach upgraded it to "Buy" from "Neutral" and said he expects Linear to outperform its peers in the weakening economy.
Hettenbach, who assumed primary coverage of the stock, liked the effect the deteriorating dollar was having on Linear's export market. The analyst said its limited exposure to the wireless and consumer market should help the company navigate through difficult economic conditions.
The Milpitas, Calif.-based company makes chips that convert analog signals to digital.
"We believe the company's premier business model and ability to quickly adjust variable spending, including profit sharing, will help to preserve its market-leading margins," he said.
Linear shares rose 28 cents, less than a percent, to $30.46 Friday. They have traded between $25.90 and $38.84 in the last 12 months.
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