Altera Corp.

Altera Corp. (ALTR - Analyst Report) just saw a nice share price spike thanks to an analyst, who raised earnings estimates based on the prospect that Altera will hike its second-quarter outlook on strong demand from China.

Company Description

Altera provides innovative custom logic solutions and has been ever since inventing the world’s first reprogrammable logic device in 1984. Today, over 2,600 employees in 19 countries are providing even more ingenious custom logic solutions.

Altera’s comprehensive solutions portfolio contains fully integrated software development tools, versatile embedded processors, optimized intellectual property (IP) cores, reference designs examples, and a variety of development kits.

Solid Performance

The company saw a nice share price spike thanks to an analyst, who recently raised earnings estimates based on the prospect that Altera will hike its second-quarter outlook on strong demand from China.

Altera’s first-quarter earnings of 17 cents per share topped the consensus estimate by 6%. Over the past 4 quarters, earnings came in, on average, 3.41% ahead of analysts’ forecasts.

Management said the first quarter business environment was better than anticipated yet overall remains quite challenging, adding that the double-digit sequential growth sales to wireless equipment customers, including those targeting new 3G deployments in China, were a bright spot.

Analysts are Bullish

Wall Street is calling for full-year earnings of 66 cents per share, above the 2 month-ago level of 61 cents. For the following year, Street estimates of 88 cents were increased from last month’s 86 cents and the 2 months-ago level of 82 cents.