Microchip maker Xilinx, Inc. ( XLNX ) on Wednesday saw its price target lowered by analysts at Jefferies & Co., following the company's Tuesday warning that second quarter revenue would be lower than originally expected.
The firm maintained its "Hold" rating on XLNX but cut its price target from $38 to $35. That new target suggests a smaller 17% upside to the stock's Tuesday closing price of $30.02.
On Tuesday, Xilinx lowered its second quarter revenue forecast, saying it now sees sales to fall 7% to 10% from last year. Originally, the company had predicted a range of 1% growth to a 3% decline in second quarter revenue. Analysts currently expect about a 2% decline.
Xilinx shares were unchanged in premarket trading Wednesday.
The Bottom Line
Shares of Xilinx ( XLNX ) have a 2.53% dividend yield, based on last night's closing stock price of $30.03. The stock has technical support in the $28 price area. If the shares can firm up, we see overhead resistance around the $32-$33 price levels.
Xilinx, Inc. ( XLNX ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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