Citi Maintains Buy on Altera

Citi is out with its report today on Altera ALTR, maintaining Buy. In a note to clients, Citi writes, "We upgraded Altera on 3/25 following resumption of Telecom & Wireless customer orders following inventory reduction during 4Q10/1Q11. With sustainable share leadership at 40nm, we expect the momentum to continue with Altera's 28nm high-end Stratix 5 (started shipping in April). While at 17.1x Altera trades above the sector at 13.7x, we see the potential for consensus estimates to rise for Altera on communications/wireless infrastructure growth." Citi maintains a $56 PT on ALTR. Shares of ALTR closed Wednesday at $46.74, down 2.81% from Tuesday's close.