Piper Jaffray Lowers PT to $42 on Altera

A report from Piper Jaffray reiterates its Overweight rating and lowers its price target from $42 to $50 on Altera ALTR. The report states, “we believe the company is under-shipping demand and, assuming there is no financial meltdown, we expect an inventory re-stock of ALTR products in 1H:12. While macro is a question mark, our thesis for ALTR remains intact as ALTR's product, PLDs, are taking share”. ALTR closed yesterday at $33.03.