Altera Corp. PT Lowered to $34.00 (ALTR)
Investment analysts at Jefferies Group reduced their price target on shares of Altera Corp. (NASDAQ:ALTR) from $36.00 to $34.00 in a note issued to investors on Wednesday, Analyst RN reports. The firm currently has a “hold” rating on the stock. Jefferies Group’s target price points to a potential upside of 2.63% from the company’s current price.
The analysts wrote, “Q3 revenues missed slightly, but lower taxes and OpEx contributed to a $0.03 EPS beat. Guidance for Q4 revenues at the midpoint ($441m) was 700bps below the Street ($475m). We lower our estimates and price target and maintain our Hold rating. We think expectations are high but could get more constructive as ALTR approaches its 14nm ramp at INTC.”
ALTR has been the subject of a number of other recent research reports. Analysts at Drexel Hamilton initiated coverage on shares of Altera Corp. in a research note to investors on Monday, October 21st. They set a “buy” rating on the stock. Separately, analysts at Robert W. Baird upgraded shares of Altera Corp. from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, August 26th. They now have a $45.00 price target on the stock, up previously from $37.00. They noted that the move was a valuation call. Finally, analysts at Citigroup Inc. upgraded shares of Altera Corp. from a “neutral” rating to a “buy” rating in a research note to investors on Monday, August 26th. They now have a $39.00 price target on the stock, down previously from $41.00. Fourteen research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $35.50.
Shares of Altera Corp. (NASDAQ:ALTR) opened at 33.13 on Wednesday. Altera Corp. has a 52 week low of $29.59 and a 52 week high of $38.97. The stock has a 50-day moving average of $36.0 and a 200-day moving average of $34.20. The company has a market cap of $10.639 billion and a P/E ratio of 23.18.
Altera Corp. (NASDAQ:ALTR) last announced its earnings results on Tuesday, October 22nd. The company reported $0.37 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.34 by $0.03. The company had revenue of $445.90 million for the quarter, compared to the consensus estimate of $451.81 million. During the same quarter in the prior year, the company posted $0.49 earnings per share. The company’s quarterly revenue was down 9.9% on a year-over-year basis. On average, analysts predict that Altera Corp. will post $1.36 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 7th.
Altera Corporation is a global semiconductor company. The Company designs, manufactures, and markets high-density programmable logic devices (NASDAQ:ALTR), HardCopy ASIC devices, pre-defined design building blocks known as intellectual property (IP) cores, and associated development tools.
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