UPDATE: RBC Upgrades Altera

RBC on Monday upgraded

to Outperform from Sector Perform. RBC analyst Doug Freedman cited the upgrade due to sentiment "near a bottom given i) the expected lumpiness of revenues associated with the ramp of China LTE; and ii) a recently lowered GM outlook for ‘14." "We continue to see stronger deployment globally which should support Y/Y growth expectations in the Wireless segment, as builds at China Unicom and China Telecom should augment growth in the China market in 4Q14. Moreover, the transition to 14nm in 2015 should drive share gains and operating margins higher given architectural advantages driven by a strong design team." Freedman concluded by saying, "ALTR fits the mold of a semiconductor company that has become increasingly focused on increasing shareholder returns." Altera shares were trading up $0.63 to $33.40 from the previous day close of $32.77 at last check.