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Xilinx (XLNX - Get Report) was rising Monday after Nomura Instinet analyst David Wong raised his recommendation on shares of the semiconductor company to buy from neutral.

Wong's price target of $115 was unchanged. Shares of Xilinx closed Friday at $96.22 and were rising 2.39% in trading Monday to $98.52. 

The average price for Xilinx on Wall Street is $122.20, according to Bloomberg.

Many risks remain for U.S. semiconductor companies, including uncertainties related to U.S.-China trade issues and U.S. action against Chinese companies such as Huawei, Wong said in a research note, The Fly reported. However, Xilinx's stock price and estimates have adjusted to reflect these risks, the analyst aded.

Wong said Xilinx was growing even with Huawei constraints. The company also has gained meaningful market share from Intel's (INTC - Get Report) Altera in recent quarters, Wong contended.