UPDATE: Bank of America Upgrades Xilinx to Buy on 2H2013 Growth Inflection
Bank of America upgraded Xilinx (NASDAQ: XLNX) from Neutral to Buy and raised the price target from $38.00 to $45.00.
Bank of America said, "After staying Neutral for ~2 yrs and mostly lowering estimates, for the first time we are materially raising estimates and upgrading programmable chip leader Xilinx to Buy with a $45 PO. We believe the company, and its Buy-rated peer Altera, are ahead of a 2H13 growth inflexion, driven by the 4G LTE wireless (AT&T, Sprint, China), IP broadband, data center upgrades, and improving industrial demand. We raise CY13/14E by 3c/22c to $1.85/$2.23, and assign a $45 PO (vs. $38 prior), 15% potential upside. Xilinx's analyst day on Mar-5 could be next key catalyst."
Xilinx closed at $38.12 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.