J.P. Morgan Reiterates Xilinix Overweight, Maintains $31 PT

J.P. Morgan reiterated its Xilinix (NASDAQ: XLNX) Overweight rating and maintained the company's $31 price target in a research report published today.

In the report, J.P. Morgan wrote, “Today, before the open Xilinx lowered its F3Q12 revenue guidance due to weaker than expected demand from the Communications end market (roughly 44% of F2Q12 sales). As a result, we are slightly lowering our estimates. However, we reiterate our Overweight rating on Xilinx due to secularly increasing margins and share gains from Altera."

Shares of Xilinx are currently trading at $30.64, down 1.83% from Friday's market close.