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Morgan Stanley raises its rating on Altera Corporation
ALTR from Equal-weight to Overweight and establishes a price target of $40.
Morgan Stanley says, "Cyclical trends like 2H12 inventory restocking, and a 2H12 rebound in carrier capex spend should drive outperformance of PLD names. Our analog/PC semis analyst Joe Moore's view that the unusually low inventory position at this point in the cycle should offset mixed end-market demand driving 2H12 upside in
analog also applies to PLDs."
ALTR closed at $35.15 on Wednesday.
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