Jefferies Downgrades Altera (ALTR) to Hold, Sees Limited Upside or Catalysts

Jefferies downgraded Altera (NASDAQ: ALTR) from Buy to Hold with a price target of $38.00 (from $40.00).

"We lower our rating on ALTR to Hold based on our view of limited wireless infrastructure catalysts, gross margin headwinds and competitive headwinds associated with decelerating if not increasing cost per transistor on advanced process nodes," the analyst states. "With EV/S and EV/FCF 8% and 7% above 5-yr median, we think the stock is fairly valued."

FY13 EPS goes down from $2.06 to $1.98.

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 $34.77 yesterday.

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