Nomura Securities Reiterates a 'Reduce' on Altera (ALTR); Negative Read-Through From China Mobile Update

Nomura Securities reiterates a 'Reduce' on Altera (NASDAQ: ALTR) price target of $33.00.

Analyst, Romit Shah, said, "We maintain that the recovery in Telco equipment spending will be gradual and that Altera will be challenged to generate better-than-seasonal growth in 2012."

"On the other hand, we note that yesterday’s Verizon (NYSE: VZ) announcement of doubling the LTE markets from 200 to 400 in 2012 is positive for Xilinx (Nasdaq: XLNX) (Neutral, $38 PT). Xilinx has a higher exposure to North America telecom spending."

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 $38.85 yesterday.

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