UPDATE: Deutsche Bank Cuts target on Xilinx to $37

Deutsche Bank lowers its target on Hold-rated Xilinx XLNX to $37 from $38 as stock appears fully valued at the moment. Deutsche Bank says, "XLNX hosted its annual analyst day today highlighting strategy, new products, target markets and also providing an update on FY13 expenses. Opex is increasing a bit more than we expected, but directionally not a surprise. Overall, we continue to believe the company can be a share gainer in PLDs, but see the shares as fairly valued at the current premium vs. its large cap semi peers." XLNX closed at 436.45 a share on Wednesday.