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Microchip maker Altera Corporation ( ALTR ) on Thursday caught a big upgrade from analysts at Morgan Stanley.

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 Thursday.

The Bottom Line
Shares of Altera Corporation ( ALTR ) 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 ( ALTR ) is not recommended at this time, holding a Dividend.com 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 .

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