UPDATE: Jefferies Lowers Price Target on Altera to $44

According to Jefferies, Altera

price target is lowered to $44. Jefferies said that Altera lowered its Q4 revenue guidance by 550 bps QoQ at the midpoint, owing to customer order cuts and pushouts, we believe particularly in the communications infrastructure market. “ALTR has traded at NTM P/Es in the range of 11x to 30x over the last three years, and our $44 PT assumes a P/E of 20x applied to our new 2012 EPS estimate of $2.16.” Altera closed yesterday at $35.48.