UPDATE: Jefferies Downgrades Altera to Hold on Valuation and Limited Catalysts
Jefferies reduced its rating on Altera (NASDAQ: ALTR) from Buy to Hold and lowered its price target from $40 to $38.
Jefferies noted, "We lower our rating on ALTR to Hold based on our view of limited wireless infrastructure catalysts, gross margin headwinds and competitive headwinds associated with decelerating if not increasing cost per transistor on advanced process nodes. With EV/S and EV/FCF 8% and 7% above 5-yr median, we think the stock is fairly valued."
Altera closed at $34.77 on Wednesday.
Latest Ratings for ALTR
|Jun 2014||FBR Capital||Maintains||Outperform|
|May 2014||RBC Capital||Upgrades||Sector Perform||Outperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.