J.P. Morgan Reiterates Neutral, $29 PT On Altera

In a note out today, J.P. Morgan reiterated a neutral rating and $29 price target on semiconductor firm Altera

. That price target is well below where the shares currently trade. The bank also lowered its 2011 and 2012 estimates to “$2.08 billion and $2.37 to $2.06 billion and $2.35 due to lower revenue in 4Q11. We are also lowering our C12 revenue and EPS estimates from $2.0 billion and $2.00 to $1.9 billion and $1.91 due to lower revenue.” “We are maintaining our December 2012 price target of $29.00, or roughly 15X our C12E EPS estimate, the lower end of its historic range. We remain Neutral on Altera due to our concerns on share loss to Xilinx

and high valuation,” J.P. Morgan said in the note.