Deutsche Bank Comments on Xilinx

Deutsche Bank has published a report on Xilinx XLNX after F1Q results. In the report, Deutsche Bank wrote, "XLNX reported F1Q sales of $616m (+5% q/q), above guidance (flat to +4%) and well above DBe ($603m, +3%) and Street ($600m, +2%). Growth was driven by Industrial, Data Processing and Comms, despite a one qtr Wireless customer push-out. GM of 63.7% was -100bps lower than DBe on lower mix of high margin Mainstream and Base products while opex was slightly below DBe mainly on lower than expected acquisition expenses. The co reported EPS of $0.56 which was $0.02/$0.03 higher than DBe/Street driven primarily by strong top-line partially offset by GM. Combined inv days (co +channel) decreased to 117 from 133 returning to co target range. XLNX repurchased 1.9m shares for $66m in the qtr." Deutsche Bank rated Xilinx a BUY with a price target of $36.00. Xilinx closed Wednesay at $33.18.