Zacks Investment Research downgraded shares of Xilinx Inc. (XLNX) from NEUTRAL to UNDERPERFORM on August 17, 2012, with a target price of $31.00.
Earnings estimates for Xilinx have declined significantly after the company provided disappointing guidance for the September quarter. However, the company reported better-than-expected results for the first quarter of fiscal 2013. Earnings per share came in at $0.47, beating the Zacks Consensus Estimate by $0.02. Xilinx stated that the backlog entering into the September quarter was down sequentially due to the completion of a buy program by a customer, which negatively impacted the top line by $25 million. Additionally, management continues to remain wary of uncertain macro environment. Based on these factors, we have downgraded our recommendation to Underperform from Neutral.
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