UPDATE: Morgan Stanley Upgrades Altera Corporation to Overweight 2H12 Outlook

Morgan Stanley raises its rating on Altera Corporation (NASDAQ: ALTR) from Equal-weight to Overweight and establishes a price target of $40. Morgan Stanley says, "Cyclical trends like 2H12 inventory restocking, and a 2H12 rebound in carrier capex spend should drive outperformance of PLD names. Our analog/PC semis analyst Joe Moore's view that the unusually low inventory position at this point in the cycle should offset mixed end-market demand driving 2H12 upside in analog also applies to PLDs."ALTR closed at $35.15 on Wednesday.