Altera Corp. Upgraded to “Buy” at TheStreet (ALTR)
Altera Corp. (NASDAQ:ALTR) was upgraded by TheStreet from a “hold” rating to a “buy” rating in a research note issued on Friday, Stock Ratings Network reports.
The analysts wrote, “Altera (ALTR) has been upgraded by TheStreet Ratings from hold to buy. The company’s strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income.”
A number of other analysts have also recently weighed in on ALTR. Analysts at Jefferson Research upgraded shares of Altera Corp. from a “sell” rating to a “hold” rating in a research note on Friday. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Altera Corp. in a research note on Monday, January 27th. They now have a $34.00 price target on the stock. Finally, analysts at Morgan Stanley reiterated an “overweight” rating on shares of Altera Corp. in a research note on Friday, January 24th. They now have a $40.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $37.08.
Shares of Altera Corp. (NASDAQ:ALTR) traded up 0.34% on Friday, hitting $35.77. 887,547 shares of the company’s stock traded hands. Altera Corp. has a 1-year low of $30.62 and a 1-year high of $39.18. The stock has a 50-day moving average of $32.98 and a 200-day moving average of $34.24. The company has a market cap of $11.359 billion and a P/E ratio of 26.21.
Altera Corp. (NASDAQ:ALTR) last announced its earnings results on Thursday, January 23rd. The company reported $0.31 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.01. The company had revenue of $454.40 million for the quarter, compared to the consensus estimate of $442.07 million. During the same quarter last year, the company posted $0.37 earnings per share. Altera Corp.’s revenue was up 3.4% compared to the same quarter last year. On average, analysts predict that Altera Corp. will post $1.45 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, March 3rd. Stockholders of record on Monday, February 10th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Thursday, February 6th.
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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