Wachovia Upgrades Altera (ALTR) to Outperform
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Wachovia upgrades Altera (Nasdaq: ALTR) from Market Perform to Outperform.
Wachovia analyst says, "For 2010 we are estimate sales of $1.38 billion for Altera (up 11% year over year) and EPS of $1.00. We are raising our valuation range for Altera to $18-22, from a prior $15-19, based on 18-22x our FY10 EPS estimate of $1.00. This valuation range is consistent with the company's historical valuation over the past few years. Company-specific risks include inventory risk and competition, chiefly from Xilinx. Sector risks include possible slowing in end-market demand, especially in communications."
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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