UPDATE: ISI Group Downgrades Altera Corporation to Hold, Lowers PT

In a report published Wednesday, ISI Group downgraded its rating on Altera Corporation

from Buy to Hold, and lowered its price target from $35.00 to $30.00. ISI Group noted, “Our revised view is predicated on potential downside to both revenue and gross margin, primarily from greater than anticipated weakness in the industrial vertical, relatively higher inventory risks, mediocre bookings and backlog trends, a diminished tailwind from 28nm, and limited earnings power given rising expenses. Our new 2013 EPS estimate is $1.65, down from $1.90.” Altera Corporation closed on Tuesday at $32.22.