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Altera Downgraded to “Hold” at Auriga; Orders Weakening (ALTR)

Semiconductor maker Altera Corporation ( ALTR ) on Friday caught a big downgrade from analysts at Auriga USA.

The firm said it cut its rating on ALTR from "Buy" to "Hold" but maintained its $37 price target. That target suggests a 12% upside to the stock's Thursday closing price of $33.07.

Auriga noted that ALTR's build-up in inventory and trend of weakening orders have continued through the end of the quarter.

Altera shares were unchanged in premarket trading Friday.

The Bottom Line

Shares of Altera ( ALTR ) have a .97% dividend yield, based on last night's closing stock price of $33.07. The stock has technical support in the $29-$30 price area. If the shares can firm up, we see overhead resistance around the $35-$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 .

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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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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