UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Altera Corporation Following Slight Q3 Revenues Miss

In a report published Wednesday, Jefferies analyst Mark Lipacis reiterated a Hold rating on

, but lowered the price target from $36.00 to $34.00. In the report, Jefferies noted, “Q3 revenues missed slightly, but lower taxes and OpEx contributed to a $0.03 EPS beat. Guidance for Q4 revenues at the midpoint ($441m) was 700bps below the Street ($475m). We lower our estimates and price target and maintain our Hold rating. We think expectations are high but could get more constructive as ALTR approaches its 14nm ramp at INTC.” Altera Corporation closed on Tuesday at $37.32.