Citi Reiterates 'Buy' Rating on Altera Corp (ALTR), Remains Top Idea
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Citi reiterates a 'Buy' rating on Altera Corp (Nasdaq: ALTR). Price target lowered from $25 to $23.
Citi analyst says, 'Altera remains one of our top ideas. With growth anchored by China's wireless infrastructure build-out, we view Altera's top-line outlook as uniquely defensible. Meanwhile, company-specific efforts, combined with mix, are driving gross margin upward, in stark opposition to the majority of other chipmakers. With $1.3B in cash, positive operational cash flow, and manageable debt ($0.5B), we view Altera as one of the highest quality names for 2009."
Altera Corporation designs, manufactures and markets programmable logic devices (PLDs), HardCopy structured application-specific integrated circuit (ASIC) devices, pre-defined design building blocks known as intellectual property cores (IP cores) and associated development tools.
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