Zacks Investment Research upgraded shares of Altera Corp. (ALTR) from UNDERPERFORM to NEUTRAL on May 03, 2013, with a target price of $34.00.
Semiconductor company Altera has delivered mixed first quarter 2013 results with earnings beating the Zacks Consensus Estimate and revenues missing the same. The year-over-year increase in revenues was supported by strength across most geographies and end markets, and higher sales of new products. Guidance too was encouraging. Macroeconomic weakness, stiff competition from Xilinx (in 28nm FPGAs), consolidation in the telecom market, declining margins and volatility in the semiconductor market are concerns. But Altera's tie up with Intel, a 14nm transition and a better 2013 outlook (with a silver lining in semis) leads us to upgrade the stock to Neutral from Underperform.
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