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What: Shares of Fairchild Semiconductor (NYSE: FCS) are jumping today, up by as much as 13%, after peer Linear Technology (Nasdaq: LLTC) reported strong guidance, leading the sector higher.

So what: Linear's second-quarter results came in on par with expectations, but it projected a robust third quarter, downplaying fears that the global semiconductor industry was slowing down. The sector had hit a speed bump halfway through 2011 due to softening gadget demand and broader economic conditions, along with slowing PC shipments.

Now what: Canaccord Genuity added some additional detail specific to Fairchild, calling it an aggressive play for the recovery. Analyst Bobby Burleson believes Fairchild is well-positioned to benefit as channel inventories draw down. Burleson also sees Fairchild's gross margins ticking higher as utilization rates increase, leading him to reiterate his buy rating and $15 price target.

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