UBS Maintains a 'Buy' on Altera (ALTR); Lower PT & Estimates on Weaker Cycle Rebound
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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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UBS maintains a 'Buy' on Altera (NASDAQ: ALTR) price target lowered from $43.50 to $42.50.
UBS analyst said, "ALTR lowered its 1Q12 sales outlook to down 7-9% q/q ($417-426m) from down 5-9% q/q, mainly as a result of delayed program timing in Military and continued Wireless infrastructure weakness. Bookings quarter-to-date have exceeded sales, supporting expectations for growth in 2Q. The slower than expected Wireless recovery may delay a more material sales rebound until 2H12, even as the semi cycle has clearly bottomed resulting in our revised -5% 2012 sales estimate."
"We lower our 1Q sales/EPS estimates by 1%/3% to $421.2m/$0.36 and for 2012E, we lower sales/EPS by 2%/5% to $1,954m/$1.92. For 2013/14, we lower our sales estimates by 2% to $2,339m/$2,501m and EPS by 4% to $2.51/$2.61."
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.
UBS analyst said, "ALTR lowered its 1Q12 sales outlook to down 7-9% q/q ($417-426m) from down 5-9% q/q, mainly as a result of delayed program timing in Military and continued Wireless infrastructure weakness. Bookings quarter-to-date have exceeded sales, supporting expectations for growth in 2Q. The slower than expected Wireless recovery may delay a more material sales rebound until 2H12, even as the semi cycle has clearly bottomed resulting in our revised -5% 2012 sales estimate."
"We lower our 1Q sales/EPS estimates by 1%/3% to $421.2m/$0.36 and for 2012E, we lower sales/EPS by 2%/5% to $1,954m/$1.92. For 2013/14, we lower our sales estimates by 2% to $2,339m/$2,501m and EPS by 4% to $2.51/$2.61."
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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