Northland Capital Markets analyst Gus Richard reiterated a Market Perform rating and cut his price target on Altera (NASDAQ: ALTR) to $33.00 (from $38.00) following in-line Q4 results.

Richard commented, "ALTR reported in-line revenue and weak gross margin; EPS beat by $0.02 on a lower than expected tax rate. Revenue guidance of flat to down 4% was below consensus, but significantly better than XLNX guidance. We see a significant shift back to ASIC particularly in the wireless market. This shift is broadening as foundries move to provide OEMs with custom silicon."

The firm bumped Q1 EPS from $0.34 to $0.36 and FY 2015 EPS from $1.50 to $1.52

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Shares of Altera closed at $35.19 yesterday.