Zacks Analyst Blog Highlights: Linear Technology, Maxim Integrated Products, Intersil Corporation, Semtech and Altera Corporation

For Immediate Release

Chicago, IL – October 15, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Linear Technology (LLTC - Analyst Report), Maxim Integrated Products (MXIM - Analyst Report), Intersil Corporation (ISIL - Analyst Report), Semtech (SMTC - Analyst Report) and Altera Corporation (ALTR - Analyst Report).

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Here are highlights from Wednesday’s Analyst Blog:

Linear Tops, Guidance Conservative

Linear Technology’s (LLTC - Analyst Report) first quarter earnings beat the Zacks consensus by 2 cents. Revenue beat the consensus by 9.4%. We currently expect the entire peer group, including Maxim Integrated Products (MXIM - Analyst Report), Intersil Corporation (ISIL - Analyst Report) and Semtech (SMTC - Analyst Report) to report above consensus expectations.

Revenue of $236.1 million was up 13.5% sequentially and down 23.9% year over year. The sequential strength was broad-based, with all end markets except cell phones contributing. Automotive and industrial were particularly strong. The weakness compared to the year-ago period was recession-related.

On a sequential basis, the U.S. generated 29% of revenue (up 9.7%), Europe 16% (up 13.5%), Asia excluding Japan 40% (up 10.7%) and Japan 15% (up 31%). Both distribution and OEMs sales grew in the U.S. and internationally. Distributor inventories decreased in the quarter. The ASP increased from $1.44 to 1.49. Volumes were up 9.7% sequentially, also contributing to the higher revenue.

Altera Meets Expectations

Altera Corporation (ALTR - Analyst Report) reported sales of $286.6 million, down 20% from a year ago but up 3% sequentially and in line with the management’s revised guidance provided last month. New products grew 7% sequentially. Sales of 40 nm devices tripled sequentially as the company won record results.

Last month Altera upgraded its guidance, driven by broad-based improvement across all market segments except telecom and wireless. Management stated that business conditions improved steadily during the quarter and most markets performed better than expected due to a combination of new program ramps, improved end-market demand and an increase in customer orders due to inventory depletion.

Gross margin came in at 67.3% compared to 67.1% in the year-ago quarter, but improved from 66.4% in the previous quarter driven by a favorable product mix along with improved yields on some of the new products. Operating margin came in at 23.2% compared to 24.0% in the previous quarter and 30.8% in the year-ago quarter.

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