UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Altera Corporation Following Investor Meeting

In a report published Tuesday, Jefferies analyst Mark Lipacis reiterated a Hold rating on

, and raised the price target from $34.00 to $35.00. In the report, Jefferies noted, “Altera's Investor Meeting reinforced our Moore Stress thesis and Intel upgrade. Altera said their choice of Intel's 14nm over TSMC's 16nm is expected to provide competitive advantages (lower transistor costs), consistent with our view. Also consistent with Moore Stress is Altera's expectation for +11% y/y 2014 R&D expense; we expect leading edge chip companies to face R&D headwinds due to rising implementation costs at lower nodes.” Altera Corporation closed on Monday at $32.47.