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Baird Downgrades Xilinx

Baird downgrades chipmaker Xilinx Inc. (XLNX) to neutral and cuts his target to $31.

Analyst Tristan Gerra says the fact Xilinx could not narrow its revenue guidance range a few weeks before quarter-end casts cloud of uncertainty regarding its revenue outlook entering a seasonally weak summer.

Also, he notes gross margin view was cut to 61% from 62% and recent CFO rotation gives little visibility on what is happening internally.

While its still early, Gerra believes Altera has the potential to consolidate its dominance at high end of FPGA market with Stratix II, while the company's market share losses could expand outside of the high end of the FPGA market as the company's Stratix migrates to mainstream.

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