Barclays reiterates an 'Overweight' on Altera (ALTR); Lower Guide a Setback, But Doesn't Change our Long-Term Positive Thesis
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Price: $111.85 --0%
Rating Summary:
4 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays reiterates an 'Overweight' on Altera (NASDAQ: ALTR) price target lowered from $46 to $42.
Barclays analyst says, "While we acknowledge increased uncertainty as to timing of a recovery and have lowered our CY12 estimates to reflect a more modest ramp, we continue to believe in the underlying growth story behind ALTR - namely PLDs taking share from ASICs/ASSPs and ALTR's ~60% market share at 40nm."
"Key Takeaways: Positives: 1) ALTR under-shipping end demand now for two consecutive Qs; 2) The higher GM Military business is expected to grow Q/Q. Concerns: 1) There is increasing uncertainty to timing of a recovery for networking segment; 2) As yet, management does not plan to manage opex lower with lower revenue."
"Our CY11 revenue/EPS estimates move to $2.02B/$2.22 (old $2.06B/$2.31, cons $2.08B/$2.37) and CY12 to $2.1B/$2.20 (old $2.17B/$2.35, cons $2.12B/$2.21)."
Barclays analyst says, "While we acknowledge increased uncertainty as to timing of a recovery and have lowered our CY12 estimates to reflect a more modest ramp, we continue to believe in the underlying growth story behind ALTR - namely PLDs taking share from ASICs/ASSPs and ALTR's ~60% market share at 40nm."
"Key Takeaways: Positives: 1) ALTR under-shipping end demand now for two consecutive Qs; 2) The higher GM Military business is expected to grow Q/Q. Concerns: 1) There is increasing uncertainty to timing of a recovery for networking segment; 2) As yet, management does not plan to manage opex lower with lower revenue."
"Our CY11 revenue/EPS estimates move to $2.02B/$2.22 (old $2.06B/$2.31, cons $2.08B/$2.37) and CY12 to $2.1B/$2.20 (old $2.17B/$2.35, cons $2.12B/$2.21)."
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 $35.48 yesterday.
Barclays analyst says, "While we acknowledge increased uncertainty as to timing of a recovery and have lowered our CY12 estimates to reflect a more modest ramp, we continue to believe in the underlying growth story behind ALTR - namely PLDs taking share from ASICs/ASSPs and ALTR's ~60% market share at 40nm."
"Key Takeaways: Positives: 1) ALTR under-shipping end demand now for two consecutive Qs; 2) The higher GM Military business is expected to grow Q/Q. Concerns: 1) There is increasing uncertainty to timing of a recovery for networking segment; 2) As yet, management does not plan to manage opex lower with lower revenue."
"Our CY11 revenue/EPS estimates move to $2.02B/$2.22 (old $2.06B/$2.31, cons $2.08B/$2.37) and CY12 to $2.1B/$2.20 (old $2.17B/$2.35, cons $2.12B/$2.21)."
Barclays analyst says, "While we acknowledge increased uncertainty as to timing of a recovery and have lowered our CY12 estimates to reflect a more modest ramp, we continue to believe in the underlying growth story behind ALTR - namely PLDs taking share from ASICs/ASSPs and ALTR's ~60% market share at 40nm."
"Key Takeaways: Positives: 1) ALTR under-shipping end demand now for two consecutive Qs; 2) The higher GM Military business is expected to grow Q/Q. Concerns: 1) There is increasing uncertainty to timing of a recovery for networking segment; 2) As yet, management does not plan to manage opex lower with lower revenue."
"Our CY11 revenue/EPS estimates move to $2.02B/$2.22 (old $2.06B/$2.31, cons $2.08B/$2.37) and CY12 to $2.1B/$2.20 (old $2.17B/$2.35, cons $2.12B/$2.21)."
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 $35.48 yesterday.
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