UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Altera Corporation

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Altera Corporation

, but lowered its price target from $38.00 to $36.00. Jefferies noted, “Q3 results beat, but guidance for Q4 revenues missed the Street estimate by 8%, ~50% of which was driven by loss of 3 volume FPGA sockets to ASICs at two of Altera's largest customers. We think investors will be concerned about the risk of such design losses to ASICs, due to a combination of 1) Moore Stress, 2) Decelerating Telco CapEx, and 3) Transition to Low-Cost Base Station. Reit Hold with $36 PT.” Altera Corporation closed on Tuesday at $32.62.