UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Altera Corporation

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Altera Corporation

, but slightly lowered its price target from $36.00 to $35.00. Jefferies noted, “ALTR narrowed the range of the 4Q revenue to decline by 8%-to-10%, 100 bps below consensus. The company also guided for R&D to grow by 12% and SG&A to grow by 9% in 2013. Management indicated visibility was low, but was bullish on the company's long term prospects. We remain on the sidelines and could get more constructive with visibility into an uptick in Asia Telco CapEx spending.” Altera Corporation closed on Tuesday at $32.18.