J.P. Morgan Reiterates Neutral, $29 PT On Altera

In a note out today, J.P. Morgan reiterated a neutral rating and $29 price target on semiconductor firm Altera (Nasdaq: ALTR). That price target is well below where the shares currently trade. The bank also lowered its 2011 and 2012 estimates to “$2.08 billion and $2.37 to $2.06 billion and $2.35 due to lower revenue in 4Q11. We are also lowering our C12 revenue and EPS estimates from $2.0 billion and $2.00 to $1.9 billion and $1.91 due to lower revenue.”

“We are maintaining our December 2012 price target of $29.00, or roughly 15X our C12E EPS estimate, the lower end of its historic range. We remain Neutral on Altera due to our concerns on share loss to Xilinx (Nasdaq: XLNX) and high valuation,” J.P. Morgan said in the note.