Zacks Investment Research upgraded shares of ALTERA CORPORATION (ALTR) from UNDERPERFORM to NEUTRAL on May 03, 2012, with a target price of $37.00.
Earnings estimates for Altera have declined quite a bit after the company reported disappointing first-quarter results. Management stated that the decline in Altera's first-quarter revenue was more severe than the company expected. This was primarily due to a significant decrease in demand late in the quarter by Telecom and Wireless customers. The company reported earnings of $0.35 per share, missing the Zacks Consensus Estimate by a penny. Although results missed estimates, guidance provided by Altera Corporation was in line. As per Altera, the inventory correction by its customers is mostly completed as evident from bookings in March. We expect business to revive in the second half of 2012 and hence upgrade our recommendation to Neutral from Underperform.
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