Altera's price target was increased to $40 from $34 at Jefferies.
The firm also raised its full year 2015 earnings estimates to $1.86 per share, from $1.71 per share.
The firm said it upped its numbers on the semiconductor company based on Altera's improved 2015 outlook and its potential for buybacks.
Jefferies said Altera's estimates for the upcoming fiscal year are better than the consensus estimates.
Separately, TheStreet Ratings team rates ALTERA CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALTERA CORP (ALTR) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and weak operating cash flow."