Analog chip companies have largely been marking time this year, with
individual stock performances bracketing the performance of the S&P
500. With expectations for a recovery in industrial, auto, and
communications already factoring into the valuations, though, it's worth
asking if expectations have gotten a little overheated. Between
slower-than-expected industrial markets, high trailing inventory, and a
relatively low payout ratio, Linear Technology (Nasdaq: LLTC) seems a little expensive at the current price.
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