Fly News Breaks for January 29, 2020
Jan 29, 2020 | 09:09 EDT
Morgan Stanley analyst Joseph Moore noted that Xilinx's guidance was worse than his expectations, but he was still surprised at the after-hours selloff, as he said it has been clear from commentary from the whole supply chain that 5G infrastructure has been weakening, especially outside of China. The company's planned operating expense cuts keeps EPS largely unchanged and he thinks that the growing consensus that Xilinx's 5G opportunity is behind "is completely wrong," he tells investors. While he doesn't see an immediate revenue rebound, he does view the current level as "a very good entry point" given that sentiment seems near a bottom. Moore keeps an Overweight rating and $120 price target on Xilinx shares.
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