Nomura Securities Maintains a 'Reduce' on Altera (ALTR); Cutting Estimates After Q1 Miss
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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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Nomura Securities maintains a 'Reduce' on Altera (NASDAQ: ALTR) price target of $33.00.
Analyst, Romit Shah, said, "Altera lowered Q1 revenue from down 5-9% qoq to down 7-9%. The company cited broader than anticipated inventory adjustments. We are lowering our estimates for Q1 from $0.36 to $0.35, CY12 from $1.65 to $1.62 (Street at $1.83), and CY13 from $2.05 to $2.00 (Street at $2.25). Consensus estimates for the remainder of 2012 are too optimistic. As we highlighted in our March 7 initiation report, we believe the recovery in global wireless spending will be a slow climb out. We believe Altera is overvalued, trading at 19x our CY13E EPS, versus our coverage at 13x and Xilinx (Nasdaq: XLNX)(Neutral) at 15x."
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 $37.42 yesterday.
Analyst, Romit Shah, said, "Altera lowered Q1 revenue from down 5-9% qoq to down 7-9%. The company cited broader than anticipated inventory adjustments. We are lowering our estimates for Q1 from $0.36 to $0.35, CY12 from $1.65 to $1.62 (Street at $1.83), and CY13 from $2.05 to $2.00 (Street at $2.25). Consensus estimates for the remainder of 2012 are too optimistic. As we highlighted in our March 7 initiation report, we believe the recovery in global wireless spending will be a slow climb out. We believe Altera is overvalued, trading at 19x our CY13E EPS, versus our coverage at 13x and Xilinx (Nasdaq: XLNX)(Neutral) at 15x."
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 $37.42 yesterday.
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