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Xilinx (XLNX) , an American technology firm, was downgrade at Wells Fargo today to "Market Perform" from "Outperform" with a $66 price target.

Shares of the San Jose, CA-based firm were declining over 5% during early morning trading on Tuesday. 

The downgrade comes after a review of the firm's current valuation and reaction from its investor day, Wells Fargo analyst David Wong noted.

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The stock has matured to near the offered price target, driven by solid execution from management resulting in greater market share, as the company is poised to profit from new segments such as chips or autonomous driving, Wong wrote.

Despite the positive outlook from management at Xilinx's investor day, estimates were decreased to reflect "a relatively lackluster growth dynamic" in the PLD market, he added.

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