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Merrill Lowers Outlook for Xilinx

Xilinx (XLNX) lowered Q1 guidance. Merrill Lynch cut its estimates on the maker of logic devices.

Analyst Christopher Danely says the company expects gross margins to approximate 52% in Q1, below the 58% forecast, due to lower than expected sales and a product mix shift. He believes June represents 30%-40% of total Xilinx business for its Q1. Danely cut his $0.58 fiscal 2002 (Mar.) EPS estimate to $0.30 and his $0.80 fiscal 2003 forecast to $0.56. He cut his $1.2B fiscal 2002 revenue estimate to $1.07B and his $1.43B fiscal 2003 projection to $1.24B. However, he is encouraged by the fact that most downward revisions are behind Xilinx, and believes year-over-year growth should bottom in the September or December quarters. The analyst reiterates his near term accumulate rating, and has a $50 price target on the shares as he believes the inventory correction should improve over the next six months.

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