UPDATE: Citi Downgrades Altera

According to a research report published this morning, Citi has downgraded Altera

from Buy to Neutral. Citi said in the report, “After reporting/guiding below our expectations, we necessarily lower our estimates for Altera. And while market multiples have improved (a factor in our valuation), on lower estimates, our price target remains unchanged.” Citi maintains its $43 PT on Altera, which is currently trading at $35.97.