UPDATE: Citi Color On ALTR Target Increase

Citi, which

on shares of Altera

, is providing some color on the stock. “In line with our expectations in our 3/25/11 upgrade, Altera provided 2Q11(Jun) sales guidance that was above consensus (+2.5% vs. consensus - 0.5%),” Citi writes. “Consistent with our checks, wireless infrastructure proved to be the source of strength, recovering from a weak 1Q11(Mar). We of course stand by our view that consensus estimates need to move higher, noting that consensus models below seasonal growth for Altera for Q211-Q411 inclusive.” Altera closed Tuesday at $46.59.