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Lehman Lowers Xilinx to Equal-weight


Lehman Bros. downgraded Xilinx (XLNX) and Fairchild Semiconductor (FCS) to equal-weight from overweight, and cut Intel's (INTC) estimate and price target.

Analyst Tim Luke says it's possible that a near-term semiconductor rally may ensue following somewhat more encouraging PC trends in July. However, unit growth could continue to run ahead of mixed end-market demand into the fourth quarter, or even into the first quarter of 2005.

Luke says with Xilinx's second-quarter likely more back-end loaded, his $1.35 calendar 2005 earnings per share estimate is reduced to $1.32, and he cut the $37 price target to $33. Also, he trimmed Fairchild's $1.51 2005 earnings per share estimate to $1.41, and cut the $21 target to $18.

He cut Intel's $1.33 2005 earnings per share estimate to $1.30 and reduced the target price to $26.


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