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Technology Stocks : Altera -- Ignore unavailable to you. Want to Upgrade?

To: A. Edwards who wrote (2008)	4/14/1999 5:24:00 PM
From: A. Edwards	Read Replies (1) \| Respond to of 2389

AFTER THE BELL: 4 cents above..... Altera Corp (ALTR): chip maker reports Q1 earnings of $0.48 a share (excluding charges), four cents above the First Call mean estimate, vs yr-ago EPS of $0.37; sales increased 19% to $186.4 mln......

To: A. Edwards who wrote (2008)	4/26/1999 12:52:00 AM
From: A. Edwards	Read Replies (1) \| Respond to of 2389

ALTR vs. XLNX An excerpt from Salomon Smith Barney analyst: ALTR new products ramping now. The company shipped its new Quartus development software and APEX 20K devices in the March quarter, and limited samples of one device (the EP20K400) are available in distribution now. We expect the full production release will occur in the June quarter. Altera needs a smooth rollout of APEX to counteract the momentum Xilinx appears to be building with Virtex. While the Virtex versus APEX battle will likely remain Wall Street theater for some time to come, both families are likely to be a small percentage of sales (<10%) for at least the rest of 1999. In the PLD mainstream, we believe Altera and Xilinx remain fairly evenly matched. Altera continues to dominate the complex programmable logic device (CPLD) segment, and the company surpassed Lattice for in-system programmable (ISP) device shipments at the end of 1998. Altera has been trading at a P/E multiple discount to Xilinx since Xilinx reported stronger sequential results in the December quarter (7% versus 5%). We believe the PLD market remains a two-horse race, however, and Altera therefore represents an attractive vehicle for participating in the cyclical recovery in the sector. We rate the stock Buy and are setting a 12-month price target of $84 based on 32x the CY2000 EPS estimate of $2.62.