J.P. Morgan Reiterates Overweight On Xilinx
December 09, 2011 1:56 PM
Despite negative news from rival Altera (Nasdaq: ALTR), Xilinx (Nasdaq: XLNX) garnered some favorable analyst chatter today as J.P. Morgan reiterated an overweight rating on the stock with a $31 price target. That's below where the stock currently trades.
However, the bank did lower its F12 revenue and EPS estimates from $2.3 billion and $1.84 to $2.2 billion and $1.78 and lowering our F13 revenue and EPS estimates from $2.3 billion and $2.07 to $2.2 billion and $1.92 due to lower revenue and expenses, it said in a note.
“We remain Overweight on XLNX due to secularly increasing margins and share gains. We continue to believe fundamentals at Xilinx are bottoming and most of the downside is out and we would note our C12 EPS estimates had already declined 25% at Xilinx before this cut, which was only 8% of C12 EPS,” J.P. Morgan said in the note.
