Altera’s Target, Estimates Lowered at UBS on Macro Weakness (ALTR)


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Chip maker Altera Corporation ( ALTR ) on Tuesday received some tepid commentary from anlaysts at UBS.

The firm maintained its "Buy" rating on ALTR but lowered its price target to $40. That new target suggests a smaller 23% upside to the stock's Monday closing price of $32.39. UBS also lowered its earnings estimates for the company, noting that a weaker macroeconomic climate will probably slow the path to recovery.

Altera shares were mostly flat in premarket trading Tuesday.

The Bottom Line
Shares of Altera Corp ( ALTR ) have a .99% dividend yield, based on last night's closing stock price of $32.39. The stock has technical support in the $29-$30 price area. If the shares can firm up, we see overhead resistance around the $36 price level.

Altera Corporation ( ALTR ) is not recommended at this time, holding a DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks

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