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Nomura's Romit Shah is starting coverage on Altera (ALTR) with a Reduce, arguing the chipmaker's...

Nomura's Romit Shah is starting coverage on Altera (ALTR) with a Reduce, arguing the chipmaker's steep valuation relative to peers is unjustified. Shah speculates Altera's business model and strong performance during the last chip industry cycle, along with expectations of a quick rebound in telecom equipment spending, are responsible for the valuation. Rival FPGA vendor Xilinx (XLNX) is started at Hold.
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