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UPDATE: JPMorgan Upgrades Altera

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In a report published Tuesday, JPMorgan analyst Philip Lee upgraded Altera (NASDAQ: ALTR) to Overweight from Neutral, raising its price target to $38.00 from $32.00.

According to the report, the upgrade is due to upside potential from higher carrier spending in China and an increasing payout ratio. The analysts are increasing C14 revenue and EPS estimates on ALTR. The company's payout ratio is expected to increase with higher free cash flow going forward.

“J.P. Morgan's Asia Telecom team recently raised its 2014 capex forecast for China's “big 3” operators due to China carriers accelerating 4G deployment schedules,” the report noted. The team raised its 2014 China 4G basestation build forecast 25% from 460,000 to 580,000, up a dramatic 260% YoY from 160,000 in 2013.”

Some highlights from the report included:

-Increasing payout ratio -Altera has highest China comm exposure in our coverage universe

ALTR closed Friday at $32.40 with shares trading up at 1.25 percent.

Latest Ratings for ALTR

DateFirmActionFromTo
Apr 2015BairdDowngradesOutperformNeutral
Apr 2015SunTrust Robinson HumphreyMaintainsNeutral
Apr 2015BairdDowngradesOutperformNeutral

View More Analyst Ratings for ALTR
View the Latest Analyst Ratings

Posted-In: JPMorgan Philip LeeAnalyst Color Upgrades Analyst Ratings

 

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