UPDATE: Piper Jaffray Lowers PT on Altera to $52

Piper Jaffray is out with its report today on Altera ALTR, lowering its PT from $54 to $52. In a note to clients, Piper Jaffray writes, "We expect the company will continue to benefit from the inevitable annexation of the ASIC market by PLDs as well as market share gains within PLDs. We expect street estimates to increase going forward, but we need to trim our street high estimates a bit. We maintain our Overweight rating and trim our price target to $52 from $54 on slightly lower EPS estimates." At the time of posting, shares of ALTR were trading pre-market at $43.35, down 0.48% from Tuesday's close.