Microchip maker Altera Corporation (
) on Thursday caught a big upgrade from analysts at Morgan
The firm said it boosted its rating on ALTR from "Equal-weight"
to "Overweight" with a $40 price target. That target suggests an
18% upside to the stock's Thursday closing price of $33.84.
A Morgan Stanley analyst commented, "Cyclical trends like 2H12
inventory restocking, and a 2H12 rebound in carrier capex spend
should drive outperformance of PLD names. Our analog/PC semis
analyst Joe Moore's view that the unusually low inventory position
at this point in the cycle should offset mixed end-market demand
driving 2H12 upside in analog also applies to PLDs."
Altera shares rose 46 cents, or +1.4%, in premarket trading
The Bottom Line
Shares of Altera Corporation (
) have a .95% dividend yield, based on last night's closing stock
price of $33.84. The stock has technical support in the $30-$31
price area. If the shares can firm up, we see overhead resistance
around the $36-$38 price levels.
Altera Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.1 out of 5 stars.
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, as well as a detailed explanation of
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