As previously reported, Oppenheimer analyst Christopher Glynn upgraded Littelfuse to Outperform from Perform, with a $215 price target. The analyst notes that Littelfuse's P/E multiple has contracted 32% over the past year, and shares trade at 1.09 times market multiple, in line with long-term average, but at a discount to 1.2 times average from 2016 through 2018. The company has delivered excellent strategic execution and steady relative multiple expansion for 10-plus years, so Glynn is biased to more recent relative valuation precedent, that screens favorably.