UPDATE: Jefferies Initiates Altera at Buy

Jefferies is out with its report today on Altera ALTR, initiating ALTR at Buy. In a note to clients, Jefferies writes, "We are initiating research coverage of Altera Corporation with a Buy Rating and a $52.00 price target. We think Altera is exposed to secular trends as the worldwide wireless and wireline communications infrastructure undergoes a massive upgrade, and we expect Altera's 40nm products to take share from Xilinx and ASIC/ASSPs over the next 6 to 12 months." Shares of ALTR closed Monday at $42.55, down 0.28% from Friday's close.