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Pacific Crest Keeps 'Buy' on Xilinx

Pacific Crest reiterates its buy rating on Xilinx (XLNX).

After the chip maker's CEO made an upbeat prsentation at an analysts' conference, Analyst Joseph Tou says he came away with the understanding that Xilinx's September business has been good, and that the CEO expects to see growth in the next couple of quarters. He notes due to seasonal weakness in August, the company needed the pickup in September.

Tou expects growth to be single-digits, but says it is growth nonetheless. He adds that the CEO also confirmed that Xilinx's transition to a 300 mm wafers manufacturing process is going very well, and that yields are better than expected. Tou says the 300 mm manufacturing process will enable the company to make chips at a lower cost, thus improving its gross margins.

He sees $0.10 second-quarter earnings per share and $0.46 per share for fiscal 2003 (Mar.). He has a $26 target.

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