Altera higher following two upgrades, firms bullish on Chinese 4G spend

Baird has joined Citi in upgrading Altera (ALTR +1.9%). The firm now rates the FPGA developer an Outperform, and has lifted its PT to $45.

Both firms expect Altera to benefit from ramping Chinese 4G infrastructure spend - China Mobile reportedly handed out orders for 207K base stations (total value of $3.26B) earlier this month.

Citi expects 1M+ 4G base stations to be deployed by Chinese carriers, with ~500K deployed by 2014. The firm observes Altera and Xilinx's (XLNX +0.9%) Chinese programmable logic sales grew at a 28% CAGR during the Chinese 3G buildout (2008-2011), and expects the 4G buildout to be bigger.

Citi upgraded Xilinx to Buy on July 12, shortly before the company delivered an FQ1 beat and better-than-expected FQ2 guidance.

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