Nomura Securities Starts Altera (ALTR) at Reduce; Currently Looks Overvalued

Nomura Securities initiates coverage on Altera (NASDAQ: ALTR) with a Reduce. PT $33.00.

Analyst, Romit Shah, said, "Trading at a 35% premium to its comp group, Altera is one of the most expensive names in our coverage. It seems investors liked Altera’s strong business model and outperformance last cycle; they appear to be looking for another sharp snap-back in equipment spending."

"We forecast EPS (with options) of $1.65 in CY12E and $2.05 in CY13E, versus consensus of $1.83 and $2.24, respectively."

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 $36.75 yesterday.

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