XLNX - Lattice Seeing Revenue Acceleration And Moving To Double Its Addressable Market

• Lattice saw healthy revenue acceleration in the first quarter, and the company's core market and growth opportunities across comm, computing, industrial, and auto look good.
• Management announced its move into mid-range FPGAs (the Avant platform), a market that offers opportunities similar to those of its low-range Nexus opportunities, and not much focused FPGA competition.
• Some analysts and investors were disappointed that management didn't guide for greater operating leverage at its recent Analyst Day, but I believe reinvesting in R&D is better for the long term.
• Lattice shares aren't cheap by conventional valuation approaches, but the company does offer well above-average revenue growth and margin leverage over the next 3-5 years.

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