Altera (ALTR) (TXN) (USTR) (WFR) (APKT) (ATHN) Ratings, Price Targets

Altera (ALTR), Texas Instruments (TXN), United Stationers Inc. (USTR), MEMC Electronic Materials Inc. (WFR), Acme Packet, Inc. (APKT) and AthenaHealth (ATHN) ratings and price targets.

Needham & Company reiterated its “Buy” rating on Texas Instruments (TXN).

KeyBanc initiated coverage on United Stationers Inc. (USTR). They placed a “Hold” rating on the company.

Needham & Company reiterated its “Hold” rating on MEMC Electronic Materials Inc. (WFR).

Jefferies (NYSE:JEF) lowered its price target on Altera (ALTR) to $44.00.

Wells Fargo & Co. (NYSE:WFC) initiated coverage on Acme Packet, Inc. (APKT). They placed an “Outperform” rating on the company.

Jefferies initiated coverage on AthenaHealth (ATHN). They placed a “Hold” rating on the company.

TIBCO (TIBX) (THR) (TJX) (TXN) (ULTA) (VSI) Ratings, Price Targets

TIBCO Software (TIBX), Thermon Group (THR), TJX Companies Inc (TJX), Texas Instruments (TXN), Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA) and Vitamin Shoppe (VSI) ratings and price targets updates from analysts.

Jefferies (NYSE:JEF) raised its price target on Thermon Group (THR) to $18.00.

BMO Capital Markets initiated coverage on TIBCO Software (TIBX). They placed a “Market Perform” rating and a price target of $33.00 on the company.

RBC Capital raised its price target on TJX Companies Inc (TJX) from $64.00 to $66.00. They have an “Outperform” rating on the company.

JPMorgan Chase & Co. (NYSE:JPM) reiterated its “Buy” rating on Texas Instruments (TXN). They have a price target of $35.00 on the company.

Oppenheimer raised its price target on Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA) from $70.00 to $85.00. They have an “Outperform” rating on the company.

Wedbush initiated coverage on Vitamin Shoppe (VSI). They placed a “Neutral” rating on the company.

Valero (VLO) (CBOE) (TXN) (CIEN) (TGT) (DFS) Estimates Changed

Valero (NYSE:VLO), CBOE Holdings (NASDAQ:CBOE), Texas Instruments (NYSE:TXN), Ciena (NASDAQ:CIEN), Target (NYSE:TGT) and Discover Financial (NYSE:DFS) had estimates adjusted by analysts.

Morgan Stanley (NYSE:MS) raised its estimates on Valero (VLO) estimatesthrough 2013. They have an "Equal-weight" rating and price target of $29 on the company.

BMO increased its estimates on CBOE Holdings (CBOE) through 2011. They reiterated a "Market Perform" rating and price target of $24 on the company.

JMP cut its estimates on Texas Instruments (TXN) through 2012. They have a "Market Perform" rating on the company.

Citigroup (NYSE:C) raised its estimates on Ciena (CIEN). They have a "Buy" rating and price target of $18 on the company.

JP Morgan (NYSE:JPM) lowered its estimates on Target (TGT). They have an "Overweight" rating and price target of $58 on the company.

Credit Suisse (NYSE:CS) boosted its estimates on Discover Financial (DFS) through 2013. They have a "Neutral" rating and price target of $28 on the company.

Agrium (AGU) (MSG) (VVTV) (BCSI) (AIXG) (TXN) Downgraded

Agrium Inc. (NYSE: AGU), Madison Square Garden, Inc. (NYSE: MSG), ValueVision Media, Inc. (NASDAQ: VVTV), Blue Coat (NASDAQ: BCSI), Aixtron AG (NASDAQ: AIXG) and Texas Instruments (NYSE: TXN) downgraded by analysts.

Madison Square Garden, Inc. (MSG) was downgraded by Stifel Nicolaus from a “Buy” rating to a “Hold” rating. They have a price target of $28.00 on the company.

ValueVision Media, Inc. (VVTV) was downgraded by Feltl & Co. from a “Strong Buy” rating to a “Buy” rating. They have a price target of $5.75 on the company, down from $8.00.

Agrium Inc. (AGU) was downgraded by JPMorgan Chase & Co. (NYSE:JPM) from an “Overweight” rating to a “Neutral” rating. They have a price target of $89.00 on the company.

Blue Coat (BCSI) was downgraded by Sterne Agee from a “Neutral” rating to an “Underperform” rating.

Aixtron AG (AIXG) was downgraded by Deutsche Bank (NYSE:DB) to a “Hold” rating.

Texas Instruments (TXN) was downgraded by ThinkEquity from a “Buy” rating to a “Hold” rating. They have a price target of $30.00 on the company.

Venoco (VQ) (VNO) (CNIT) (LNC) (IL) (TXN) Downgraded

Venoco, Inc. (NYSE: VQ), Vornado Realty Trust (NYSE: VNO), China Information Technology Inc (NASDAQ: CNIT), Lincoln National Co. (NYSE: LNC), IntraLinks Holdings, Inc. (NYSE: IL) and Texas Instruments (NYSE: TXN) downgraded by analysts.

Vornado Realty Trust (VNO) was downgraded by Goldman Sachs (NYSE:GS) from a “Buy” rating to a “Neutral” rating.

Venoco, Inc. (VQ) was downgraded by Stifel Nicolaus from a “Buy” rating to a “Hold” rating.

China Information Technology Inc. (CNIT) was downgraded by Rodman & Renshaw from an “Outperform” rating to a “Market Perform” rating.

Lincoln National Co. (LNC) was downgraded by Goldman Sachs (NYSE:GS) from a “Buy” rating to a “Neutral” rating.

IntraLinks Holdings, Inc. (IL) was downgraded by Pacific Crest from an “Outperform” rating to a “Sector Perform” rating.

Texas Instruments (TXN) was downgraded by Longbow Research from a “Buy” rating to a “Neutral” rating.

Complete (CPX) (TWO) (TXN) (COO) (NANO) (IDTI) Get New Coverage

Complete Production Services Inc (NYSE: CPX), Two Harbors Investment Corporation (NYSE: TWO), Texas Instruments (NYSE: TXN), The Cooper Companies, Inc. (NYSE: COO), Nanometrics Inc (NASDAQ: NANO) and Integrated Device Technology, Inc. (NASDAQ: IDTI) get new coverage from analysts.

Wells Fargo & Co. (NYSE:WFC) initiated coverage on Two Harbors Investment Corporation (TWO). They placed an “Outperform” rating on the company.

MKM Partners initiated coverage on Texas Instruments (TXN). They analysts placed a “Neutral” rating and a price target of $28.00 on the company.

William Blair initiated coverage on The Cooper Companies, Inc. (COO). They placed an “Outperform” rating on the company.

Stifel Nicolaus initiated coverage on Nanometrics Inc. (NANO). They placed a “Buy” rating and a price target of $22.00 on the company.

Wunderlich initiated coverage on Integrated Device Technology, Inc. (IDTI). They placed a “Buy” rating and a price target of $9.00 on the company.

Wells Fargo & Co. initiated coverage on Complete Production Services Inc. (CPX). They placed an “Outperform” rating on the company.

Intel (INTC) (QCOM) (BRCM) (NXPI) Top Barclays Semi List

Going against the grain on the outlook for the semiconductor market, Barclays Capital analyst C.J. Muse said in a long report this morning that he has raised his rating on the sector from "Neutral" to "Positive." His favorites in the sector are Intel (NASDAQ:INTC), Qualcomm (NASDAQ:QCOM) and Broadcom (NASDAQ:BRCM).

Muse said he sees the downward trend in the industry as a “mid-cycle correction” rather than a long-term downturn in the semiconductor industry.

While acknowledging the industry won't perform as in the past, Muse sees it growing at an annual rate of 6 percent to 8 percent going forward. He cites a 0.97 correlation between the semi market and global GDP growth rate, which appears to be headed for 7 percent in 2011 and 2012, according to the calculations of Muse.

Along with his positive outlook on Intel, which he boosted its rating to "Overweight," Muse also did the same for Altera (ALTR) and Spansion (CODE). Top picks include NXP Semiconductors (NXPI), Qualcomm (QCOM), and Broadcom (BRCM), which are also rated "Overweight."

On the negative side, Muse lowered his rating on Xilinx (XLNX), Analog Devices (ADI), Micron Technology (MU) and Nvidia (NVDA), dropping them to "Equal Weight."

He reiterated his "Equal Weight" ratings on Texas Instruments (TXN), Freescale Semiconductor (FSL) and Linear Technology.

BHP (BHP) (TXN) (BTUI) (MAR) (MRO) (VMED) Downgraded

BHP Billiton (NYSE: BHP), Texas Instruments (NYSE: TXN), BTU International (NASDAQ: BTUI), Marriott (NYSE: MAR), Marathon Oil Co. (NYSE: MRO) and Virgin Media (NASDAQ: VMED) downgraded by analysts.

Texas Instruments (TXN) was downgraded by Sterne Agee from a “Buy” rating to a “Neutral” rating.

BHP Billiton (BHP) was downgraded by Credit Suisse (NYSE:CS) from an “Outperform” rating to a “Neutral” rating.

BTU International (BTUI) was downgraded by Feltl & Co. from a “Hold” rating to a “Sell” rating. They have a price target of $5.00 on the company, down from $8.00.

Marriott (MAR) was downgraded by Bank of America (NYSE:BAC) from a “Buy” rating to a “Neutral” rating. They have a price target of $34.00 on the company.

Marathon Oil Co. (MRO) was downgraded by Credit Suisse from an “Outperform” rating to a “Neutral” rating. They have a price target of $36.00 on the company.

Virgin Media (VMED) was downgraded by Jefferies (NYSE:JEF) from a “Buy” rating to a “Hold” rating. They have a price target of $30.00 on the company, down from $33.50.

Baidu (BIDU) (NUVA) (NFLX) (TXN) (UCTT) (ETN) Price Targets Changed

Baidu.com, Inc. (NASDAQ: BIDU), NuVasive (NASDAQ: NUVA), Netflix, Inc. (NASDAQ: NFLX), Texas Instruments (NYSE: TXN), Ultra Clean Holdings, Inc. (NASDAQ: UCTT) and Eaton Corp. (NYSE: ETN) price targets adjusted by analysts.

Baidu.com, Inc. (BIDU) had its price target raised by Stifel Nicolaus from $172.00 to $190.00. They have a “Buy” rating on the company.

NuVasive (NUVA) had its price target raised by Piper Jaffray (NYSE:PJC) to $42.00.

Netflix, Inc. (NFLX) had its price target raised by Jefferies (NYSE:JEF) to $265.00. They have a “Hold” rating on the company.

Texas Instruments (TXN) had its price target cut by FBR Capital from $39.00 to $36.00. They have an “Outperform” rating on the company.

Ultra Clean Holdings, Inc. (UCTT) had its price target slashed by Needham & Company from $14.00 to $11.00. They have a “Buy” rating on the company.

Eaton Corp. (ETN) had its price target raised by UBS AG (NYSE:UBS) from $52.00 to $57.00. They have a “Neutral” rating on the company.

Netflix (NFLX) (TXN) (IM) (COMV) (BCDS) (ADVS) Ratings Reiterated

Netflix, Inc. (NASDAQ: NFLX), Texas Instruments (NYSE: TXN), Ingram Micro Inc. (NYSE: IM), Comverge Inc (NASDAQ: COMV), BCD Semiconductor (NASDAQ: BCDS) and Advent Software Inc (NASDAQ: ADVS) ratings reiterated by analysts.

Citigroup (NYSE:C) reiterated its "Buy" rating on Netflix, Inc. (NFLX).

Bank of America (NYSE:BAC) reiterated its "Buy" rating on Texas Instruments (TXN).

Sterne Agee Ingram reiterated its "Buy" rating on Micro Inc. (IM). They have a price target of $24.00 on the company.

JPMorgan Chase & Co. (NYSE:JPM) reiterated its "Neutral" rating on Comverge Inc (COMV).

Oppenheimer reiteraed a "Market Perform" rating on BCD Semiconductor (BCDS).

JPMorgan Chase & Co. (NYSE:JPM) reiterated an "Underweight" rating on Advent Software Inc. (ADVS). They have a price target of $30.50 on the company.

Anadarko (APC) (CENX) (TXN) (NFLX) (JEC) (BAC) Ratings Reiterated

Anadarko Petroleum (NYSE: APC), Century Aluminum Company (NASDAQ: CENX), Texas Instruments (NYSE: TXN), Netflix, Inc. (NASDAQ: NFLX), Jacobs Engineering (NYSE: JEC) and Bank of America (NYSE: BAC) ratings reiterated by analysts.

Jefferies (NYSE:JEF) reiterated its "Buy" rating on Anadarko Petroleum (APC). They have a price target of $94.00 on the company.

Dahlman Rose reiterated a "Hold" rating on Century Aluminum Company (CENX).

JPMorgan Chase & Co. (NYSE:JPM) reiterated an "Overwight" rating on Texas Instruments (TXN).

Piper Jaffray (NYSE:PJC) reiterated an "Overwight" rating on Netflix, Inc. (NFLX). They have a price target of $330.00 on the company.

Goldman Sachs (NYSE:GS) reiterated a "Neutral" rating on Jacobs Engineering (JEC).

JPMorgan Chase & Co. (NYSE:JPM) reiterated an "Overwight" rating on Bank of America (BAC). They have a price target of $18.00 on the company.

SatCon (SATC) (AEIS) (TC) (CB) (TXN) All Downgraded

SatCon Tech (NASDAQ: SATC), Advanced Energy Industries, Inc. (NASDAQ: AEIS), Thompson Creek Metals Co Inc (NYSE: TC), The Chubb Corp (NYSE: CB) and Texas Instruments (NYSE: TXN) downgraded by analysts.

Advanced Energy Industries, Inc. (AEIS) was downgraded by Dougherty & Co. from a “Buy” rating to a “Neutral” rating. They have a price target of $13.50 on the company, down from $17.00.

Thompson Creek Metals Co. Inc (TC) was downgraded by JPMorgan Chase & Co. (NYSE: JPM) from an “Overweight” rating to a “Neutral” rating.

Texas Instruments (TXN) was downgraded by BNP Paribas from a “Neutral” rating to an “Underperform” rating.

The Chubb Corp (CB) was downgraded by Goldman Sachs (NYSE: GS) from a “Buy” rating to a “Neutral” rating.

SatCon Tech (SATC) was downgraded by Dougherty & Co. from a “Buy” rating to a “Neutral” rating. They have a price target of $2.50 on the company, down from $3.50.

Price Targets on (BRS) (FXCM) (TPX) (TXN) (URBN) Updated

Price targets on Bristow Group Inc. (NYSE: BRS), FXCM Inc (NASDAQ: FXCM), Tempur-Pedic International Inc. (NYSE: TPX), Texas Instruments (NYSE: TXN) and Urban Outfitters, Inc. (NASDAQ: URBN) were updated by analysts.

Credit Suisse (NYSE:CS) raised their price target on Bristow Group Inc. (NYSE: BRS) from $46.00 to $53.00. They have a “neutral” rating on the company.

Credit Suisse cut their price target on FXCM Inc (FXCM) from $15.00 to $13.50. They have an “outperform” rating on the company.

UBS AG (NYSE:UBS) cut their price target on FXCM Inc (FXCM) from $16.00 to $13.00. They have a “buy” rating on the company.

Keybanc raised their price target on Tempur-Pedic International Inc. (TPX) to $75.00. They have a “buy” rating on the company.

Citigroup (NYSE:C) raised their price target on Texas Instruments (TXN) from $40.00 to $42.00. They have a “buy” rating on the company.

Goldman Sachs (NYSE:GS) raised their price target on Urban Outfitters, Inc. (URBN) to $32.00. They have a “neutral” rating on the company.

Ratings on (SPLS) (SPWRA) (TNK) (TXN) Reiterated

Ratings on shares of Staples, Inc. (NASDAQ: SPLS), SunPower Co. (NASDAQ: SPWRA), Teekay Tankers Ltd. (NYSE: TNK) and Texas Instruments (NYSE: TXN) were reiterated by analysts.

Piper Jaffray reiterated a “neutral” rating on Staples, Inc. (SPLS). They have a price target of $23.00 on the company.

Wunderlich reiterated a “sell” rating on SunPower Co. (SPWRA). They have a price target of $16.00 on the company.

Dahlman Rose reiterated a “buy” rating on Teekay Tankers Ltd. (TNK). They now have a price target of $12.00 on the company.

Deutsche Bank (NYSE:DB) reiterated a “hold” rating on Texas Instruments (TXN). They have a price target of $35.00 on the company.

Dividend Yields for (XLNX) (AMAT) (NSM) (TXN) (ALTR)

Indicated dividend yields for Standard & Poor's 500 Index companies Xilinx Inc (XLNX), Applied Materials Inc (AMAT), National Semiconductor Corp (NSM), Texas Instruments Inc (TXN) and Altera Corp (ALTR) .

These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.

Xilinx Inc (XLNX) has a dividend yield of 2.18 percent on a declared dividend of $0.19. The payout ratio is 26.4 percent.

Applied Materials Inc (AMAT) has a dividend yield of 2.04 percent on a declared dividend of $0.08. The payout ratio is 18.2 percent.

National Semiconductor Corp (NSM) has a dividend yield of 3.36 percent on a declared dividend of $0.10. The payout ratio is 40.7 percent.

Texas Instruments Inc (TXN) has a dividend yield of 1.46 percent on a declared dividend of $0.13. The payout ratio is 22.8 percent.

Altera Corp (ALTR) has a dividend yield of 0.49 percent on a declared dividend of $0.06. The payout ratio is 8.6 percent.

Volterra (VLTR) (PEET) (PLXT) TXN) Downgraded on April 26

Shares of Volterra Semi (NASDAQ: VLTR), Peet S Coffee & Tea Inc (NASDAQ: PEET), PLX Technology Inc (NASDAQ: PLXT) and Texas Instruments (NYSE: TXN) were all downgraded on April 26 by several brokerages.

Robert W. Baird downgraded Peet S Coffee & Tea Inc (PEET) from an “Outperform” rating to a “Neutral” rating. They have a price target of $48.00 on Peet S Coffee & Tea Inc, down from the prior $53.

Northland Securities downgraded PLX Technology Inc (PLXT) from an “Outperform” rating to a “Market Perform” rating. They have a price target of $4.00 on PLX Technology, down from the previous $5.

BNP Paribas downgraded Texas Instruments (TXN) from an “Outperform” rating to a “Neutral” rating.

Brigantine downgraded Volterra Semi (VLTR) from a “Buy” rating to a “Hold” rating.

Supply Chain Disrupts (AAPL) (HOG) (GM) (INTC) (TXN), Others

Companies across a wide range of sectors are being disrupted by the parts shortage coming from the consequences of the earthquake in Japan, including Apple (NASDAQ:AAPL), Harley-Davidson Inc (NYSE:HOG), General Motors (NYSE:GM), Texas Instruments (NYSE:TXN) and Intel (NASDAQ:INTC).

Then by extension, a company like Sirius XM (NASDAQ:SIRI), which relies on the performance of the auto industry for growth and sustainability, are adversely affected by lower production levels and sales. And this can be looked at for any company that has an indirect connection to the shortages of parts.

Bryan Keane, equity analyst for the Alpine Mutual Funds noted, "It's cross-sector. Electronics are used in so many areas. It has the potential to be very wide-ranging. To some extent, it's going to affect everyone. Even if your direct supplier isn't impacted, your supplier could get their materials from someone in Japan."

"The big issue is that even if everything now is under control in Japan, they've lost a big portion of their power," said Keane. "Even if they get the big factories up and running, how often are they going to be able to run them?"

In other words, there continues to be enormous uncertainty as to how all of this will impact business around the world, and there is little in the way of a road map as to what to expect.

As for semiconductors, Japan accounts for about 20 percent of the world's supply.

The length, width and depth of the disruptions are still yet to be discovered, and it appears only time will tell, as it seems the companies themselves have no idea, or at least they aren't talking.

Guidance as the earnings season unfolds should give a clearer look at the extent of the damage.

Texas Instruments (TXN) Misses on Net Income

Texas Instruments (NYSE:TXN) traded lower in after hours action as the company on average missed analysts' expectations for net income for its latest quarter.

Net income increased during the quarter to $666 million, or 55 cents a share, versus $658 million, or 52 cents a share in the same quarter last year. Analysts had been looking for an average of 57 cents a share for the quarter.

Revenue for the quarter jumped from $3.2 billion to $3.39 billion year-over-year.

Rich Templeton, TI chairman, president and chief executive officer, said, “2011 started strong, with customer demand in January and February tracking our expectations for a first quarter of above-seasonal growth. But the Japan earthquake that’s taken such a heartbreaking human toll in the country also disrupted local demand starting in mid-March and impaired operations at two of our factories there. This impact and substantially weaker demand for Wireless baseband chips resulted in revenue that was below the middle of our expected range. The lower revenue combined with expenses resulting from the earthquake affected earnings per share. New orders, however, were strong through the quarter, indicative of the underlying strength in our markets.”

Texas Instruments closed Monday at $34.79, falling $0.20, or 0.57 percent. After hours it fell to $34.20, down $0.50, or 1.44 percent.

Marvell (MRVL) Rating Cut to Hold by Susquehanna

Shares of Marvell (NASDAQ:MRVL) are getting crunched today, as Susquehanna lowered its rating on the company from "Positive" to "Neutral."

Even though Marvell Technology Group is cheap at this time, it is balance by the risk shifts from its top customer Research in Motion (NASDAQ:RIMM) and the hard-disk market.

According to Susquehanna Financial chip analyst Christopher Caso, Marvell's most recent projection for the April quarter was made before the earthquake in Japan, which means it will be skewed because of the now anticipated weak quarter for disk drives.

Caso said with Western Digital (NYSE:WDC) accounting for about 21 percent of Marvell’s annual revenue, it “is likely to be affected by [Texas Instruments's (TXN)] motor controller shortage.”

Also noted was while Seagate Technology (NASDAQ:STX) will be adding some parts from Marvell in the quarter, that will be offset by the loss of some socket business from Seagate.

With RIM generating 14 percent of revenue at Marvell, it isn't too bright there either, even though the company will have “at least three new phones ramping at RIM."

Some of that negativity comes from assumptions that eventually RIM will use "QNX" operating systems, which will more than likely utilize Qualcomm (NASDAQ:QCOM) chips, not Marvell's.

Marvell was trading at $15.13, falling $0.84, or 5.26 percent, as of 2:19 PM EDT.

Semi's Shaky as (TXN) (INTC) (SNDK) (QCOM) (CY) Earnings Season Approaches

With growing uncertainty surrounding the semiconductor industry after the earthquake and tsunami in Japan, Texas Instruments (TXN) will be the first to report first-quarter earnings Monday, with Intel Corp. (NASDAQ:INTC) posting its quarterly results on Tuesday, followed by other chip companies reporting next week like Qualcomm Inc. (NASDAQ:QCOM), SanDisk Corp. (NASDAQ:SNDK) and Cypress Semiconductor Corp. (NASDAQ:CY).

It appears guidance will be paramount to investor response, as the supply and demand picture could weigh heavily on the sector going forward.

The earnings report should be decent for most chip suppliers, as pricing for NAND and DRAM chips have been finding some strength. but there's no doubt the wafer supply chain is broken, and a new challenge are the power supply issues.

Consequently the current quarter looks very weak, and investors will look there rather than at last quarter's results.