Altera (ALTR) is having a solid run in the FPGA market and quite recently, the stock had its “market outperform” rating restated by stock analysts at JMP Securities in a report issued on Friday. They currently have a $47 price objective on the stock, up from their previous price objective of $45. JMP Securities’ price objective points to a potential upside of approximately 28.84% from the company’s current price. Besides JMP, other analysts have also reiterated a positive outlook for the stock on the back of robust second quarter results reported by the company as well as the future opportunities.
Altera last released its earnings data on Thursday, July 24th. The company reported $0.41 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.37 by $0.04. The company had revenue of $491.50 million for the quarter, compared to the consensus estimate of $480.22 million. During the same quarter last year, the company posted $0.31 earnings per share. Altera’s revenue was up 16.5% compared to the same quarter last year. The double-digit revenue growth from the new products helped the company to announce such robust results. The performance by its 28 nm FPGA and 40 nm products came in better than expected and catapulted Altera’s topline. Continue Reading »