J.P. Morgan Reiterates Neutral Rating On Altera

According to J.P. Morgan, Altera ALTR Neutral rating is reiterated. J.P. Morgan said that reported 2Q11 results above expectations but provided 3Q11 gross margin guidance well below expectations. “We are maintaining our December 2011 price target of $33.50 which is roughly 12.7X our C12 EPS estimate, the low end of its historic range. We remain Neutral on Altera due to the risk to estimates.” Altera closed yesterday at $43.56.