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Technology Stocks : Semi Equipment Analysis

SOXX 309.40

+1.0%

Dec 5 4:00 PM EST

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From: Donald Wennerstrom	11/30/2010 10:53:45 AM
	of 95531

S&P KEEPS HOLD OPINION ON SHARES OF ALTERA INC 9:28 AM ET 11/30/10 \| S&P Marketscope In a Dec-Q update, ALTR projects sales to grow 3% to 6%, unchanged from previous guidance. This is in line with our estimate and we keep our Q4 EPS forecast of $0.71. Also, ALTR provides '11 guidance that includes a gross margin of 70%, R&D of $330M and SG&A of $265M, among other items. With the expense outlook above our view as ALTR invests in 28nm, we reduce our '11 EPS projection by $0.12 to $2.52. But on a raised forward P/E of 14.3X, now near the industry average to reflect our view of similar earnings growth, we up our target price by $5 to $36. At the moment, ALTR is down 1.18 percent.

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