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Nomura Securities Maintains a 'Reduce' on Altera (ALTR); Looks Expensive Even With Reaffirmed Guidance

June 8, 2012 8:19 AM EDT Send to a Friend
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Price: $35.14 --0%

Rating Summary:
    15 Buy, 16 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 2 | Down: 3 | New: 7
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Nomura Securities maintains a 'Reduce' on Altera (NASDAQ: ALTR) price target of $30.00.

Analyst, Romit Shah, said, "The fact that Altera reiterated Q2 guidance might be perceived positively, considering the macro environment, but we believe second half consensus estimates of up 8% in Q3 and 6% in Q4 are too high...Our estimates are unchanged at $1.79bn/$1.63 (consensus $1.82bn/$1.71) in CY12 and $2.1bn/$2.00 (consensus $2.2bn/$2.16) in CY13...Altera trades at 17x our CY13 EPS, which we believe is expensive against a multiple of 12x for our coverage universe."

For an analyst ratings summary and ratings history on Altera click here. For more ratings news on Altera click here.

Shares of Altera closed at $33.01 yesterday.




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